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Chambana Sun

Thursday, April 18, 2024

Former state university employee Cushman paid in $86K to pension fund, could collect $1.77M in retirement

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Former state university employee Richard Cushman, who retired in October 2018, saved $86,454 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cushman would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cushman received $37,265 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cushman will have already received $115,182 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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