Former state university employee Ferrell paid in $118K to pension fund, could collect $2.26M in retirement

By East Central Reporter Reports

Oct 1, 2017

Former state university employee Pamela Ferrell, who retired in September 2017, saved $117,664 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ferrell would collect as much as $2.26 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Ferrell received $47,530 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ferrell will have already received $146,911 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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