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Galesburg Reporter

Saturday, May 18, 2024

Former state university employee Lee paid in $87K to pension fund, could collect $1.19M in retirement

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Former state university employee Linda Lee, who retired in June 2017, saved $86,677 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lee would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Lee received $24,925 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lee will have already received $104,277 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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