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DeKalb Times

Thursday, November 21, 2024

Former state university employee Meganathan paid in $66K to pension fund, could collect $3.67M in retirement

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Former state university employee Rangaswamy Meganathan, who retired in August 2017, saved $65,625 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meganathan would collect as much as $3.67 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Meganathan received $77,112 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Meganathan will have already received $77,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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