Quantcast

Sangamon Sun

Monday, November 25, 2024

Former state university employee Rich paid in $21K to pension fund, could collect $1.18M in retirement

Money 07

Former state university employee Ricky Rich, who retired in November 2017, saved $21,170 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rich would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rich received $24,821 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Rich will have already received $24,821 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS