Sangamon Sun

Sangamon Sun

Thursday, December 5, 2019

Former state university employee Shaw paid in $7K to pension fund, could collect $94K in retirement

Schools

By Local Labs News Service | Apr 1, 2018

Money 02

Former state university employee William Shaw, who retired in March 2018, saved $6,652 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shaw would collect as much as $94,319, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Shaw received $1,982 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Shaw will have already received $8,290 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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