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Sangamon Sun

Friday, November 22, 2024

Former state university employee Babb paid in $107K to pension fund, could collect $1.56M in retirement

Money272

Former state university employee Michael Babb, who retired in October 2016, saved $107,188 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Babb would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Babb received $32,797 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Babb will have already received $137,210 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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