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Sangamon Sun

Friday, April 26, 2024

Former state university employee Green paid in $270K to pension fund, could collect $3.91M in retirement

Money 07

Former state university employee David Green, who retired in July 2018, saved $270,055 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Green would collect as much as $3.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Green received $82,158 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Green will have already received $343,720 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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