Former state university employee Wallace paid in $9K to pension fund, could collect $770K in retirement

By Rock Island Today Reports

Aug 1, 2016

Former state university employee Sally Wallace, who retired in July 2016, saved $9,109 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wallace would collect as much as $770,219, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Wallace received $16,189 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Wallace will have already received $16,189 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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