Quantcast

DeKalb Times

Thursday, April 18, 2024

Former state university employee Foster paid in $69K to pension fund, could collect $1.53M in retirement

Money 08

Former state university employee Ray Foster, who retired in September 2018, saved $69,376 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Foster would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Foster received $32,069 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Foster will have already received $99,122 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