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Sangamon Sun

Monday, November 25, 2024

Former state university employee Russell paid in $131K to pension fund, could collect $2.11M in retirement

Money 02

Former state university employee William Russell, who retired in July 2017, saved $130,631 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Russell would collect as much as $2.11 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Russell received $44,432 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Russell will have already received $137,335 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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