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Chambana Sun

Sunday, November 24, 2024

Former state university employee Taylor paid in $61K to pension fund, could collect $955K in retirement

Money 08

Former state university employee Mark Taylor, who retired in June 2017, saved $60,614 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $955,089, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Taylor received $20,075 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Taylor will have already received $62,049 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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