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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Neff paid in $56K to pension fund, could collect $1.11M in retirement

Money 07

Former state university employee Benjamin Neff, who retired in April 2019, saved $55,807 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

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

The projection assumes Neff received $23,424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Neff will have already received $72,402 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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