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DeKalb Times

Friday, November 15, 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.

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