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North Egypt News

Thursday, November 21, 2024

Former state university employee Campbell paid in $2K to pension fund, could collect $25K in retirement

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Former state university employee Lou Campbell, who retired in May 2016, saved $1,617 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Campbell would collect as much as $25,216, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Campbell received $530 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Campbell will have already received $1,638 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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