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McLean County Times

Friday, November 22, 2024

Former state university employee Surratt paid in $9K to pension fund, could collect $138K in retirement

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Former state university employee Cheryl Surratt, who retired in September 2016, saved $8,941 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Surratt would collect as much as $137,924, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Surratt received $2,899 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Surratt will have already received $8,961 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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