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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Davis paid in $36K to pension fund, could collect $538K in retirement

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Former state university employee Don Davis, who retired in February 2018, saved $36,019 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $538,157, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Davis received $11,311 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Davis will have already received $47,321 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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