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Sangamon Sun

Friday, April 19, 2024

Former state university employee Prather paid in $26K to pension fund, could collect $888K in retirement

Money 04

Former state university employee Randel Prather, who retired in January 2016, saved $25,823 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Prather would collect as much as $887,957, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Prather received $18,664 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Prather will have already received $37,888 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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