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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Danner paid in $104K to pension fund, could collect $1.43M in retirement

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Former state university employee Frederick Danner, who retired in November 2018, saved $104,068 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Danner would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Danner received $30,084 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Danner will have already received $125,863 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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