Quantcast

Rock Island Today

Tuesday, December 24, 2024

Former state university employee Strand paid in $67K to pension fund, could collect $1.7M in retirement

Shutterstock 369740408

Former state university employee Doris Strand, who retired in January 2016, saved $66,568 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strand would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Strand received $35,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Strand will have already received $72,700 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS