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DeKalb Times

Tuesday, November 5, 2024

Former state university employee Olson paid in $147K to pension fund, could collect $3.47M in retirement

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Former state university employee Chalermsee Olson, who retired in September 2017, saved $147,071 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Olson would collect as much as $3.47 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Olson received $72,869 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Olson will have already received $147,924 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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