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DeKalb Times

Friday, November 22, 2024

Former state university employee Cagle paid in $68K to pension fund, could collect $1.11M in retirement

Money 05

Former state university employee Allan Cagle, who retired in January 2018, saved $67,552 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cagle would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cagle received $23,291 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cagle will have already received $71,991 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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