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Will County Gazette

Monday, November 25, 2024

Former state university employee Ward paid in $26K to pension fund, could collect $347K in retirement

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Former state university employee Cheryl Ward, who retired in September 2016, saved $25,689 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ward would collect as much as $346,562, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Ward received $7,284 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ward will have already received $30,475 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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