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Sangamon Sun

Friday, April 19, 2024

Former state university employee Beers paid in $102K to pension fund, could collect $1.97M in retirement

Money 03

Former state university employee James Beers, who retired in December 2017, saved $102,115 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Beers would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Beers received $41,377 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Beers will have already received $127,892 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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