Quantcast

DeKalb Times

Friday, November 22, 2024

Former state university employee Larsen paid in $48K to pension fund, could collect $782K in retirement

Money 05

Former state university employee Kenneth Larsen, who retired in January 2018, saved $47,919 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Larsen would collect as much as $782,214, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Larsen received $16,441 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Larsen will have already received $50,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS