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McLean County Times

Sunday, November 24, 2024

Former state university employee Jenkins paid in $29K to pension fund, could collect $462K in retirement

Money836

Former state university employee Ann Jenkins, who retired in December 2017, saved $28,638 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jenkins would collect as much as $461,519, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Jenkins received $9,700 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jenkins will have already received $29,982 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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