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DeKalb Times

Monday, November 25, 2024

Former state university employee Blau paid in $57K to pension fund, could collect $4.57M in retirement

Money 05

Former state university employee Harvey Blau, who retired in January 2017, saved $56,985 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Blau would collect as much as $4.57 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Blau received $95,983 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Blau will have already received $95,983 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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