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Rock Island Today

Saturday, November 23, 2024

Former state university employee Adams paid in $16K to pension fund, could collect $371K in retirement

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Former state university employee Judy Adams, who retired in July 2018, saved $16,165 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Adams would collect as much as $370,985, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Adams received $7,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Adams will have already received $24,100 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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