Quantcast

DeKalb Times

Saturday, November 23, 2024

Former state university employee Adams paid in $5K to pension fund, could collect $484K in retirement

Money 02

Former state university employee Roger Adams, who retired in November 2016, saved $4,640 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Adams would collect as much as $484,133, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Adams received $10,176 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Adams will have already received $10,176 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS