Sangamon Sun

Sangamon Sun

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Former state university employee Flagg paid in $32K to pension fund, could collect $505K in retirement

Schools

By Local Labs News Service | Sep 1, 2016

Money 06

Former state university employee Charles Flagg, who retired in August 2016, saved $31,614 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Flagg would collect as much as $504,582, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Flagg received $10,605 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Flagg will have already received $32,779 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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