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Sangamon Sun

Saturday, September 21, 2024

Former state university employee Rose paid in $76K to pension fund, could collect $1.4M in retirement

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Former state university employee Eddie Rose, who retired in June 2016, saved $76,032 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rose would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rose received $29,370 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rose will have already received $90,780 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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