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Chambana Sun

Saturday, April 20, 2024

Former state university employee May paid in $64K to pension fund, could collect $1.53M in retirement

Money759

Former state university employee James May, who retired in June 2018, saved $64,285 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, May would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes May received $32,150 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, May will have already received $65,265 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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