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McLean County Times

Friday, November 22, 2024

Former state university employee Greenburg paid in $20K to pension fund, could collect $220K in retirement

Money 08

Former state university employee Cynthia Greenburg, who retired in October 2017, saved $20,464 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Greenburg would collect as much as $219,764, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Greenburg received $4,619 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Greenburg will have already received $24,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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