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Sangamon Sun

Tuesday, November 12, 2024

Former state university employee Black paid in $13K to pension fund, could collect $462K in retirement

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Former state university employee James Black, who retired in May 2018, saved $13,130 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Black would collect as much as $461,548, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Black received $9,701 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Black will have already received $19,693 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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