Quantcast

Chambana Sun

Monday, November 25, 2024

Former state university employee Jeyakumar paid in $42K to pension fund, could collect $596K in retirement

Money836

Former state university employee Muthu Jeyakumar, who retired in June 2016, saved $41,629 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jeyakumar would collect as much as $595,882, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Jeyakumar received $12,525 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Jeyakumar will have already received $52,401 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS