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Quincy Reporter

Friday, November 22, 2024

Former state university employee Sharpe paid in $73K to pension fund, could collect $947K in retirement

Money 06

Former state university employee Carol Sharpe, who retired in August 2016, saved $73,115 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sharpe would collect as much as $947,479, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Sharpe received $19,915 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sharpe will have already received $83,315 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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