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Chicago City Wire

Monday, December 23, 2024

Former state university employee Royer paid in $18K to pension fund, could collect $805K in retirement

Money 05

Former state university employee Tom Royer, who retired in August 2016, saved $17,744 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Royer would collect as much as $804,804, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Royer received $16,916 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Royer will have already received $34,339 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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