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Chambana Sun

Thursday, April 25, 2024

Former state university employee Redding paid in $85K to pension fund, could collect $1.47M in retirement

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Former state university employee Cleve Redding, who retired in May 2018, saved $85,369 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Redding would collect as much as $1.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Redding received $30,910 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Redding will have already received $95,539 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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