DeKalb Times

DeKalb Times

Tuesday, October 15, 2019

Former state university employee Jones paid in $33K to pension fund, could collect $1.28M in retirement

Schools

By Local Labs News Service | Nov 1, 2018


Former state university employee Christopher Jones, who retired in October 2018, saved $33,436 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $1.28 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Jones received $26,892 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jones will have already received $54,591 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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