Quantcast

McLean County Times

Monday, November 25, 2024

Former state university employee Groves paid in $190K to pension fund, could collect $1.86M in retirement

Money 03

Former state university employee Doris Groves, who retired in March 2018, saved $190,193 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Groves would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Groves received $39,055 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Groves will have already received $207,350 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS