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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee White paid in $233K to pension fund, could collect $4.74M in retirement

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Former state university employee Lyle White, who retired in July 2016, saved $232,889 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, White would collect as much as $4.74 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes White received $99,732 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, White will have already received $308,262 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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