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Chambana Sun

Monday, November 25, 2024

Former state university employee Albert paid in $29K to pension fund, could collect $377K in retirement

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Former state university employee Michael Albert, who retired in October 2018, saved $28,578 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Albert would collect as much as $377,368, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Albert received $7,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Albert will have already received $33,184 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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