Former state university employee Newby paid in $92K to pension fund, could collect $1.85M in retirement

By East Central Reporter Reports

Feb 1, 2016

Former state university employee Pamela Newby, who retired in January 2016, saved $91,741 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Newby would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Newby received $38,809 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Newby will have already received $119,954 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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