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Sangamon Sun

Monday, May 20, 2024

Former state university employee Ridgeway paid in $75K to pension fund, could collect $1.12M in retirement

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Former state university employee Bruce Ridgeway, who retired in January 2016, saved $74,612 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ridgeway would collect as much as $1.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ridgeway received $23,610 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ridgeway will have already received $98,775 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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