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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Eckel paid in $121K to pension fund, could collect $4.6M in retirement

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Former state university employee Mark Eckel, who retired in June 2018, saved $120,812 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eckel would collect as much as $4.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Eckel received $96,637 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Eckel will have already received $196,173 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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