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Sangamon Sun

Friday, April 19, 2024

Former state university employee Powers paid in $20K to pension fund, could collect $337K in retirement

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Former state university employee Frank Powers, who retired in October 2016, saved $20,251 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powers would collect as much as $337,142, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Powers received $7,086 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Powers will have already received $21,903 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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