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North Cook News

Friday, November 22, 2024

Former state university employee Snowden paid in $36K to pension fund, could collect $614K in retirement

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Former state university employee Nanette Snowden, who retired in January 2016, saved $35,624 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Snowden would collect as much as $613,574, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Snowden received $12,896 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Snowden will have already received $39,860 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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