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DeKalb Times

Monday, December 23, 2024

Former state university employee Slone paid in $82K to pension fund, could collect $1.14M in retirement

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Former state university employee Terry Slone, who retired in October 2017, saved $81,894 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Slone would collect as much as $1.14 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Slone received $23,943 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Slone will have already received $100,168 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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