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Sangamon Sun

Friday, April 19, 2024

Former state university employee Ramsey paid in $42K to pension fund, could collect $622K in retirement

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Former state university employee Grover Ramsey, who retired in February 2019, saved $41,531 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ramsey would collect as much as $622,286, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ramsey received $13,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Ramsey will have already received $54,720 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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