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McLean County Times

Sunday, November 24, 2024

Former state university employee Bova paid in $2K to pension fund, could collect $34K in retirement

Money 02

Former state university employee Lisa Bova, who retired in February 2017, saved $2,318 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bova would collect as much as $34,117, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Bova received $717 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bova will have already received $3,001 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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