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South Central Reporter

Saturday, November 23, 2024

Former state university employee Brammeier paid in $863 to pension fund, could collect $10K in retirement

Money 03

Former state university employee Stanley Brammeier, who retired in September 2017, saved $863 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brammeier would collect as much as $9,705, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Brammeier received $204 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Brammeier will have already received $1,081 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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