Quantcast

DeKalb Times

Saturday, November 16, 2024

Former state university employee Sheridan paid in $51K to pension fund, could collect $922K in retirement

Money 06

Former state university employee James Sheridan, who retired in July 2018, saved $50,671 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sheridan would collect as much as $922,051, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Sheridan received $19,380 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sheridan will have already received $59,901 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS