Quantcast

DeKalb Times

Saturday, November 23, 2024

Former state university employee West paid in $140K to pension fund, could collect $2.11M in retirement

Shutterstock 262120544

Former state university employee Timothy West, who retired in June 2016, saved $139,649 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, West would collect as much as $2.11 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes West received $44,384 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, West will have already received $185,687 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS