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Metro East Sun

Saturday, November 23, 2024

Former state university employee Lidy paid in $14K to pension fund, could collect $666K in retirement

Money 04

Former state university employee Judith Lidy, who retired in August 2016, saved $13,685 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lidy would collect as much as $665,840, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Lidy received $13,995 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Lidy will have already received $13,995 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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