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Chambana Sun

Saturday, November 23, 2024

Former state university employee Nelson paid in $114K to pension fund, could collect $1.75M in retirement

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Former state university employee Harold Nelson, who retired in February 2018, saved $114,326 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nelson would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Nelson received $36,709 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nelson will have already received $153,575 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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