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DeKalb Times

Thursday, November 21, 2024

Former state university employee Long paid in $176K to pension fund, could collect $3.73M in retirement

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Former state university employee Gregory Long, who retired in July 2017, saved $176,439 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $3.73 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Long received $78,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Long will have already received $242,092 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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