Quantcast

DeKalb Times

Friday, November 15, 2024

Former state university employee Jeria paid in $176K to pension fund, could collect $3.6M in retirement

Money 06

Former state university employee Jorge Jeria, who retired in August 2018, saved $176,193 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jeria would collect as much as $3.6 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Jeria received $75,732 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jeria will have already received $234,080 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS