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North Egypt News

Monday, November 25, 2024

Former state university employee Puckett paid in $12K to pension fund, could collect $43K in retirement

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Former state university employee Terry Puckett, who retired in October 2018, saved $12,226 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Puckett would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Puckett received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 12 years of retirement, Puckett will have already received $12,774 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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