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Metro East Sun

Sunday, November 24, 2024

Former state university employee Avdoian paid in $83K to pension fund, could collect $1.61M in retirement

Money 01

Former state university employee Nancy Avdoian, who retired in January 2018, saved $83,046 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Avdoian would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Avdoian received $33,858 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Avdoian will have already received $104,652 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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