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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Arctander paid in $126K to pension fund, could collect $1.63M in retirement

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Former state university employee Mark Arctander, who retired in January 2019, saved $125,625 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Arctander would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Arctander received $34,176 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Arctander will have already received $142,979 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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