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DeKalb Times

Tuesday, April 23, 2024

Former state university employee Saarnio paid in $14K to pension fund, could collect $824K in retirement

Money 03

Former state university employee David Saarnio, who retired in December 2018, saved $14,132 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Saarnio would collect as much as $824,386, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Saarnio received $17,328 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Saarnio will have already received $17,328 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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