Quantcast

Chambana Sun

Saturday, November 23, 2024

Former state university employee Cumbow paid in $179K to pension fund, could collect $4.08M in retirement

Shutterstock 197358977

Former state university employee Mark Cumbow, who retired in October 2016, saved $179,001 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cumbow would collect as much as $4.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cumbow received $85,837 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cumbow will have already received $265,313 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS