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DeKalb Times

Friday, November 15, 2024

Former state university employee Vickers paid in $74K to pension fund, could collect $1.44M in retirement

Money 06

Former state university employee William Vickers, who retired in September 2018, saved $73,846 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vickers would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Vickers received $30,237 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Vickers will have already received $93,459 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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