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Chambana Sun

Saturday, November 23, 2024

Former state university employee Chapman paid in $110K to pension fund, could collect $2.42M in retirement

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Former state university employee William Chapman, who retired in November 2017, saved $110,161 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chapman would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Chapman received $50,809 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chapman will have already received $157,045 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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