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McLean County Times

Tuesday, November 26, 2024

Former state university employee Strong paid in $66K to pension fund, could collect $1.83M in retirement

Money041

Former state university employee Rhonda Strong, who retired in January 2016, saved $65,721 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strong would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Strong received $38,530 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Strong will have already received $78,216 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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