Former state university employee Williams paid in $263K to pension fund, could collect $5.05M in retirement

By Local Labs News Service

Oct 1, 2016

Former state university employee Steven Williams, who retired in September 2016, saved $263,159 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $5.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Williams received $106,138 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $328,062 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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