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McLean County Times

Sunday, November 24, 2024

Former state university employee Mills paid in $41K to pension fund, could collect $705K in retirement

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Former state university employee Karen Mills, who retired in August 2017, saved $40,660 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mills would collect as much as $705,450, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Mills received $14,828 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mills will have already received $45,832 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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