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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Miller paid in $24K to pension fund, could collect $579K in retirement

Money 02

Former state university employee Richard Miller, who retired in January 2016, saved $24,369 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $579,405, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Miller received $12,178 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $24,721 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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