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Chambana Sun

Sunday, November 24, 2024

Former state university employee Martin paid in $191K to pension fund, could collect $4.56M in retirement

Money 04

Former state university employee Richard Martin, who retired in June 2017, saved $191,095 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $4.56 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Martin received $95,946 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Martin will have already received $194,770 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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