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North Cook News

Friday, November 22, 2024

Former state university employee Muench paid in $3K to pension fund, could collect $28K in retirement

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Former state university employee Barbara Muench, who retired in January 2016, saved $2,684 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Muench would collect as much as $28,436, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Muench received $597 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Muench will have already received $3,169 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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