Former state university employee King paid in $18K to pension fund, could collect $1.09M in retirement

By Local Labs News Service

Mar 1, 2018

Former state university employee Russell King, who retired in February 2018, saved $17,699 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, King would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes King received $22,929 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, King will have already received $22,929 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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