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McLean County Times

Sunday, November 24, 2024

Former state university employee Chaffin paid in $61K to pension fund, could collect $1.41M in retirement

Money 05

Former state university employee Rebecca Chaffin, who retired in January 2017, saved $60,755 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chaffin would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Chaffin received $29,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chaffin will have already received $91,836 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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