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Kane County Reporter

Tuesday, April 23, 2024

Former state university employee Abbott paid in $62K to pension fund, could collect $1.16M in retirement

Money 03

Former state university employee Lenice Abbott, who retired in August 2018, saved $62,308 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Abbott would collect as much as $1.16 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Abbott received $24,389 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Abbott will have already received $75,385 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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