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Chambana Sun

Saturday, November 23, 2024

Former state university employee Woods paid in $54K to pension fund, could collect $1.33M in retirement

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Former state university employee Robert Woods, who retired in February 2018, saved $53,800 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woods would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Woods received $27,854 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Woods will have already received $56,544 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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