Sangamon Sun

Sangamon Sun

Friday, December 13, 2019

Former state university employee Davis paid in $87K to pension fund, could collect $1.77M in retirement

Schools

By Local Labs News Service | Jul 1, 2018

Money 07

Former state university employee Joyce Davis, who retired in June 2018, saved $86,652 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Davis received $37,292 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $115,266 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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