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Rock Island Today

Tuesday, April 23, 2024

Former state university employee Ewoldt paid in $487 to pension fund, could collect $9K in retirement

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Former state university employee Virgina Ewoldt, who retired in August 2017, saved $487 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ewoldt would collect as much as $9,083, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Ewoldt received $190 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ewoldt will have already received $588 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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