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DeKalb Times

Friday, November 15, 2024

Former state university employee Greenfield paid in $56K to pension fund, could collect $838K in retirement

Money 01

Former state university employee Raymond Greenfield, who retired in August 2018, saved $55,763 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Greenfield would collect as much as $838,065, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Greenfield received $17,615 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Greenfield will have already received $73,693 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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