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North Egypt News

Friday, November 8, 2024

Former state university employee Stallman paid in $45K to pension fund, could collect $779K in retirement

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Former state university employee Leah Stallman, who retired in September 2018, saved $45,102 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stallman would collect as much as $779,422, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Stallman received $16,382 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stallman will have already received $50,634 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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