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McLean County Times

Friday, November 22, 2024

Former state university employee Walker paid in $13K to pension fund, could collect $601K in retirement

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Former state university employee Jeffrey Walker, who retired in September 2016, saved $12,682 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walker would collect as much as $601,202, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Walker received $12,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walker will have already received $25,651 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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