Quantcast

DeKalb Times

Sunday, December 22, 2024

Former state university employee Davis paid in $93K to pension fund, could collect $1.97M in retirement

Money272

Former state university employee Jeffrey Davis, who retired in July 2018, saved $93,232 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Davis received $41,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $128,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS