Sangamon Sun

Sangamon Sun

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Former state university employee Cady paid in $8K to pension fund, could collect $251K in retirement

Schools

By Local Labs News Service | Apr 1, 2016

Money836

Former state university employee Craig Cady, who retired in March 2016, saved $7,993 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cady would collect as much as $250,975, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cady received $5,275 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cady will have already received $10,708 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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