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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Ruppel paid in $142K to pension fund, could collect $2.4M in retirement

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Former state university employee Richard Ruppel, who retired in March 2019, saved $141,979 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ruppel would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Ruppel received $50,400 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ruppel will have already received $155,781 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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