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McLean County Times

Monday, November 25, 2024

Former state university employee Lind paid in $54K to pension fund, could collect $644K in retirement

Money 05

Former state university employee Carol Lind, who retired in August 2016, saved $53,960 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lind would collect as much as $644,488, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Lind received $13,546 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Lind will have already received $56,671 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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