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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Daniels paid in $23K to pension fund, could collect $739K in retirement

Money 03

Former state university employee Bradley Daniels, who retired in August 2017, saved $22,900 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daniels would collect as much as $739,321, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Daniels received $15,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Daniels will have already received $31,546 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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