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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Furby paid in $89K to pension fund, could collect $1.34M in retirement

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Former state university employee Thomas Furby, who retired in March 2016, saved $89,407 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Furby would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Furby received $28,064 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Furby will have already received $117,409 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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