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Chambana Sun

Friday, April 19, 2024

Former state university employee Zumalt paid in $66K to pension fund, could collect $961K in retirement

Money 03

Former state university employee Joseph Zumalt, who retired in October 2018, saved $65,537 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zumalt would collect as much as $960,833, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Zumalt received $20,196 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zumalt will have already received $84,493 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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