Sangamon Sun

Sangamon Sun

Friday, April 10, 2020

Former state university employee Eck paid in $9K to pension fund, could collect $161K in retirement

Schools

By Local Labs News Service | Sep 1, 2017

Money 01

Former state university employee Stephen Eck, who retired in August 2017, saved $8,589 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eck would collect as much as $161,046, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Eck received $3,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Eck will have already received $10,464 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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