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Sangamon Sun

Monday, November 25, 2024

Former state university employee Walters paid in $63K to pension fund, could collect $1.13M in retirement

Money 07

Former state university employee Rory Walters, who retired in January 2017, saved $62,777 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walters would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Walters received $23,831 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walters will have already received $73,659 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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