Prairie State Wire

Prairie State Wire

Tuesday, December 10, 2019

Former state university employee Smith paid in $129K to pension fund, could collect $3.03M in retirement

Schools

By Local Labs News Service | Sep 1, 2017

Money836

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.

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