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Metro East Sun

Sunday, November 24, 2024

Former state university employee Sutter paid in $24K to pension fund, could collect $365K in retirement

Money 05

Former state university employee James Sutter, who retired in January 2018, saved $23,949 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sutter would collect as much as $364,522, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Sutter received $7,662 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sutter will have already received $32,056 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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