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Chambana Sun

Sunday, November 24, 2024

Former state university employee Bell paid in $166K to pension fund, could collect $2.93M in retirement

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Former state university employee George Bell, who retired in June 2017, saved $166,277 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bell would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bell received $61,583 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bell will have already received $190,346 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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