DeKalb Times

DeKalb Times

Tuesday, October 15, 2019

Former state university employee Glass paid in $107K to pension fund, could collect $2.82M in retirement


By Local Labs News Service | Nov 1, 2018

Former state university employee Jeffery Glass, who retired in October 2018, saved $106,636 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Glass would collect as much as $2.82 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Glass received $59,305 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Glass will have already received $120,389 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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