Former state university employee Spencer paid in $25K to pension fund, could collect $450K in retirement

By East Central Reporter Reports

Oct 1, 2016

Former state university employee Karenlee Spencer, who retired in September 2016, saved $25,092 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Spencer would collect as much as $450,084, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Spencer received $9,460 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Spencer will have already received $29,240 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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