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Sangamon Sun

Monday, November 25, 2024

Former state university employee Doersam paid in $12K to pension fund, could collect $338K in retirement

Money 06

Former state university employee John Doersam, who retired in November 2017, saved $11,727 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Doersam would collect as much as $337,975, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Doersam received $7,104 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Doersam will have already received $14,421 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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