South Central Reporter

Former state university employee Joan Meredith, who retired in June 2016, saved $162,203 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meredith would collect as much as $3.71 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Meredith received $77,939 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meredith will have already received $240,901 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.