Former state university employee Johnson paid in $14K to pension fund, could collect $213K in retirement

By Local Labs News Service

Jun 1, 2016

Former state university employee Larry Johnson, who retired in May 2016, saved $14,061 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $212,782, according to a projection by Local Government Information Services (LGIS), which publishes Chicago City Wire.

The projection assumes Johnson received $4,472 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Johnson will have already received $18,708 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

University of Illinois at Urbana Champaign

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