Quantcast

Chambana Sun

Friday, April 19, 2024

Former state university employee Meadows paid in $61K to pension fund, could collect $731K in retirement

Money041

Former state university employee Robert Meadows, who retired in October 2018, saved $60,609 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meadows would collect as much as $730,758, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Meadows received $15,360 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Meadows will have already received $64,262 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