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DeKalb Times

Monday, November 25, 2024

Former state university employee Whittaker paid in $27K to pension fund, could collect $578K in retirement

Money 08

Former state university employee Charles Whittaker, who retired in November 2018, saved $26,504 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whittaker would collect as much as $578,326, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Whittaker received $12,156 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Whittaker will have already received $37,574 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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