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McLean County Times

Monday, May 6, 2024

Former state university employee Simon paid in $79K to pension fund, could collect $2.06M in retirement

Money 06

Former state university employee Thomas Simon, who retired in January 2016, saved $79,297 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simon would collect as much as $2.06 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Simon received $43,349 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Simon will have already received $87,998 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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