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Sangamon Sun

Monday, November 25, 2024

Former state university employee Prebe paid in $77K to pension fund, could collect $1.29M in retirement

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Former state university employee Christopher Prebe, who retired in November 2017, saved $77,163 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Prebe would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Prebe received $27,187 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Prebe will have already received $84,033 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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