Former state university employee Young paid in $13K to pension fund, could collect $218K in retirement

By Local Labs News Service

Jul 1, 2018

Former state university employee Steven Young, who retired in June 2018, saved $13,491 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Young would collect as much as $218,376, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Young received $4,590 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Young will have already received $14,188 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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