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Galesburg Reporter

Sunday, November 24, 2024

Former state university employee Sims paid in $7K to pension fund, could collect $219K in retirement

Money 01

Former state university employee Stephanie Sims, who retired in December 2016, saved $6,976 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sims would collect as much as $218,525, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Sims received $4,593 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sims will have already received $9,324 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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