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Chambana Sun

Tuesday, April 16, 2024

Former state university employee Porter paid in $147K to pension fund, could collect $3.29M in retirement

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Former state university employee Norris Porter, who retired in March 2017, saved $146,524 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Porter would collect as much as $3.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Porter received $69,077 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Porter will have already received $213,509 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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