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McLean County Times

Friday, November 15, 2024

Former state university employee Muthuswamy paid in $169K to pension fund, could collect $2.42M in retirement

Money 03

Former state university employee Balakrishnan Muthuswamy, who retired in November 2016, saved $168,797 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Muthuswamy would collect as much as $2.42 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Muthuswamy received $50,966 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Muthuswamy will have already received $213,223 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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