Former state university employee Neece paid in $45K to pension fund, could collect $706K in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state university employee Carol Neece, who retired in January 2016, saved $44,991 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neece would collect as much as $706,363, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Neece received $14,847 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Neece will have already received $45,890 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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