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Chambana Sun

Saturday, November 23, 2024

Former state university employee Pope paid in $114K to pension fund, could collect $1.39M in retirement

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Former state university employee Nat Pope, who retired in November 2017, saved $114,052 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pope would collect as much as $1.39 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Pope received $29,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Pope will have already received $122,342 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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