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Sangamon Sun

Monday, November 25, 2024

Former state university employee McDaniel paid in $89K to pension fund, could collect $2.23M in retirement

Money 02

Former state university employee Jervaise McDaniel, who retired in February 2016, saved $88,614 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McDaniel would collect as much as $2.23 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McDaniel received $46,773 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, McDaniel will have already received $94,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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