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Sangamon Sun

Monday, November 25, 2024

Former state university employee Meyer paid in $40K to pension fund, could collect $1.05M in retirement

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Former state university employee Phillip Meyer, who retired in February 2016, saved $40,295 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meyer would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Meyer received $22,027 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Meyer will have already received $44,715 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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