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Chambana Sun

Saturday, November 23, 2024

Former state university employee Miller paid in $210K to pension fund, could collect $2.75M in retirement

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Former state university employee Brian Miller, who retired in February 2018, saved $209,856 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Miller received $57,809 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Miller will have already received $241,850 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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