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Quincy Reporter

Saturday, May 4, 2024

Former state university employee Frazier paid in $690 to pension fund, could collect $39K in retirement

Money272

Former state university employee Jorja Frazier, who retired in March 2017, saved $690 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frazier would collect as much as $39,301, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Frazier received $826 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Frazier will have already received $826 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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