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Metro East Sun

Thursday, April 25, 2024

Former state university employee Wright paid in $43K to pension fund, could collect $593K in retirement

Money759

Former state university employee Kara Wright, who retired in October 2018, saved $43,025 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wright would collect as much as $592,599, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Wright received $12,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Wright will have already received $52,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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