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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Spriggs paid in $49K to pension fund, could collect $987K in retirement

Money 04

Former state university employee Susan Spriggs, who retired in January 2018, saved $49,273 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Spriggs would collect as much as $987,328, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Spriggs received $20,752 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Spriggs will have already received $64,143 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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