Quantcast

Chambana Sun

Monday, November 25, 2024

Former state university employee Mullen paid in $153K to pension fund, could collect $3.46M in retirement

Shutterstock 233512279

Former state university employee Rick Mullen, who retired in October 2018, saved $153,339 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mullen would collect as much as $3.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Mullen received $72,648 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mullen will have already received $224,547 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