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Chambana Sun

Thursday, April 18, 2024

Former state university employee Johnston paid in $39K to pension fund, could collect $1.49M in retirement

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Former state university employee Mark Johnston, who retired in January 2019, saved $38,968 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnston would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnston received $31,224 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnston will have already received $63,385 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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