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Rock Island Today

Thursday, April 25, 2024

Former state university employee Boothe paid in $654 to pension fund, could collect $45K in retirement

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Former state university employee Margaret Boothe, who retired in October 2018, saved $654 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Boothe would collect as much as $45,152, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Boothe received $949 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Boothe will have already received $949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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