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Galesburg Reporter

Friday, November 22, 2024

Former state university employee Sundberg paid in $202K to pension fund, could collect $5.39M in retirement

Money041

Former state university employee Lori Sundberg, who retired in July 2018, saved $202,457 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sundberg would collect as much as $5.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Sundberg received $113,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sundberg will have already received $229,950 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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