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McLean County Times

Saturday, November 16, 2024

Former state university employee Thompson paid in $59K to pension fund, could collect $953K in retirement

Money 02

Former state university employee Brenda Thompson, who retired in July 2018, saved $59,489 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $952,669, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Thompson received $20,024 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $61,893 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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