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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Reynolds paid in $9K to pension fund, could collect $1M in retirement

Money 01

Former state university employee Robert Reynolds, who retired in September 2017, saved $8,795 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Reynolds received $21,021 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Reynolds will have already received $21,021 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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