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Sangamon Sun

Monday, November 25, 2024

Former state university employee Cross paid in $82K to pension fund, could collect $2.01M in retirement

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Former state university employee David Cross, who retired in January 2018, saved $82,174 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cross would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cross received $42,276 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cross will have already received $85,820 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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