Former state university employee Prince paid in $124K to pension fund, could collect $3.06M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee John Prince, who retired in January 2016, saved $124,383 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Prince would collect as much as $3.06 million, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Prince received $64,307 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Prince will have already received $130,543 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois at Urbana Champaign

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