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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Simpson paid in $149K to pension fund, could collect $3.1M in retirement

Money272

Former state university employee Stephen Simpson, who retired in June 2018, saved $148,627 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simpson would collect as much as $3.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Simpson received $65,076 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Simpson will have already received $201,143 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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