Former state university employee Edward Smith, who retired in August 2017, saved $128,699 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.
Over 30 years of retirement, Smith would collect as much as $3.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.
The projection assumes Smith received $63,583 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 2 years of retirement, Smith will have already received $129,073 in retirement benefits, or more than the sum total of the retiree’s contributions to the state pension fund.
