Sangamon Sun

Sangamon Sun

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Former state university employee Martin paid in $722 to pension fund, could collect $206K in retirement

Schools

By Local Labs News Service | Jul 1, 2016


Former state university employee Daniel Martin, who retired in June 2016, saved $722 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $206,113, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martin received $4,332 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Martin will have already received $4,332 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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