Former state university employee Phillips paid in $22K to pension fund, could collect $2.1M in retirement

By Rock Island Today Reports

Sep 1, 2016

Former state university employee Betty Phillips, who retired in August 2016, saved $22,124 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Phillips received $44,068 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Phillips will have already received $44,068 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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