Former state university employee Penny paid in $48K to pension fund, could collect $1.29M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Cathy Penny, who retired in January 2016, saved $47,592 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Penny would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Penny received $27,208 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Penny will have already received $55,232 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate