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DeKalb Times

Monday, November 25, 2024

Former state university employee Naftzger paid in $29K to pension fund, could collect $499K in retirement

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Former state university employee Jay Naftzger, who retired in January 2017, saved $29,443 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Naftzger would collect as much as $499,182, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Naftzger received $10,492 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Naftzger will have already received $32,430 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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