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Sangamon Sun

Monday, April 21, 2025

Former state university employee Slater paid in $1K to pension fund, could collect $44K in retirement

Money 03

Former state university employee Phillip Slater, who retired in October 2018, saved $1,017 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Slater would collect as much as $43,600, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Slater received $916 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Slater will have already received $1,859 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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