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Metro East Sun

Friday, November 22, 2024

Former state university employee Baker paid in $75K to pension fund, could collect $1.74M in retirement

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Former state university employee Jo Ellen Baker, who retired in January 2016, saved $75,299 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $1.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Baker received $36,569 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $113,031 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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