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McLean County Times

Saturday, November 23, 2024

Former state university employee Petro paid in $64K to pension fund, could collect $1.03M in retirement

Money272

Former state university employee Gail Petro, who retired in June 2017, saved $64,406 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Petro would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Petro received $21,558 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Petro will have already received $66,634 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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