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DeKalb Times

Monday, December 23, 2024

Former state university employee Smith paid in $40K to pension fund, could collect $618K in retirement

Money041

Former state university employee James Smith, who retired in September 2016, saved $39,937 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $618,455, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Smith received $12,999 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Smith will have already received $40,179 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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