Former state university employee Jacobs paid in $47K to pension fund, could collect $1.26M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Naomi Jacobs, who retired in January 2016, saved $46,616 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jacobs would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Jacobs received $26,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jacobs will have already received $53,876 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Southern Illinois University At Edwardsville

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