East Central Reporter

East Central Reporter

Monday, February 17, 2020

Former state university employee Orr paid in $58K to pension fund, could collect $850K in retirement

Schools

By East Central Reporter Reports | Apr 1, 2016

Money 01

Former state university employee Patricia Orr, who retired in March 2016, saved $58,073 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Orr would collect as much as $850,402, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Orr received $17,874 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Orr will have already received $74,777 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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