Sangamon Sun

Sangamon Sun

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Former state university employee Sykes paid in $190K to pension fund, could collect $4.12M in retirement

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By Local Labs News Service | Sep 1, 2018

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Former state university employee David Sykes, who retired in August 2018, saved $190,102 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sykes would collect as much as $4.12 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sykes received $86,507 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sykes will have already received $267,384 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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