Quantcast

DeKalb Times

Monday, November 25, 2024

Former state university employee Blakemore paid in $213K to pension fund, could collect $3.6M in retirement

Shutterstock 385535740

Former state university employee Jerry Blakemore, who retired in January 2017, saved $213,294 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Blakemore would collect as much as $3.6 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Blakemore received $75,736 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Blakemore will have already received $234,092 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS