Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Byrd paid in $80K to pension fund, could collect $1.75M in retirement

Shutterstock 373239541

Former state university employee Elisha Byrd, who retired in May 2018, saved $80,338 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Byrd would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Byrd received $36,812 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Byrd will have already received $113,781 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS