Quantcast

Metro East Sun

Tuesday, April 23, 2024

Former state university employee Montgomery paid in $133K to pension fund, could collect $3.09M in retirement

Shutterstock 113962678

Former state university employee Sandra Montgomery, who retired in October 2018, saved $132,863 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Montgomery would collect as much as $3.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Montgomery received $64,860 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Montgomery will have already received $200,476 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