Quantcast

Chambana Sun

Monday, September 30, 2024

Former state university employee Johnson paid in $102K to pension fund, could collect $2.02M in retirement

Money 03

Former state university employee David Johnson, who retired in November 2018, saved $101,607 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnson received $42,552 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $131,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS