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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Miley paid in $220K to pension fund, could collect $4.62M in retirement

Money 08

Former state university employee David Miley, who retired in October 2017, saved $220,237 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miley would collect as much as $4.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Miley received $97,185 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miley will have already received $300,390 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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