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Galesburg Reporter

Tuesday, December 24, 2024

Former state university employee Reynolds paid in $40K to pension fund, could collect $801K in retirement

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Former state university employee Renee Reynolds, who retired in August 2016, saved $40,032 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $801,031, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Reynolds received $16,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reynolds will have already received $52,041 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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