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Chambana Sun

Monday, November 25, 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.

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