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Carbondale Reporter

Monday, May 20, 2024

Former state university employee Russell paid in $57K to pension fund, could collect $1.13M in retirement

Money759

Former state university employee Cheryl Russell, who retired in January 2019, saved $56,937 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Russell would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Russell received $23,688 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Russell will have already received $73,218 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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