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McLean County Times

Saturday, November 16, 2024

Former state university employee Chang paid in $262K to pension fund, could collect $5.28M in retirement

Money 07

Former state university employee Sukjung Chang, who retired in July 2018, saved $261,711 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chang would collect as much as $5.28 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Chang received $110,879 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chang will have already received $342,715 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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