Will County Gazette

Will County Gazette

Friday, February 21, 2020

Former state university employee Smith paid in $1K to pension fund, could collect $95K in retirement


By Local Labs News Service | Jul 1, 2016

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Former state university employee Susan Smith, who retired in June 2016, saved $1,453 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $95,021, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Smith received $1,997 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Smith will have already received $1,997 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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