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McLean County Times

Monday, November 25, 2024

Former state university employee Robinson paid in $14K to pension fund, could collect $484K in retirement

Money 01

Former state university employee James Robinson, who retired in September 2016, saved $14,358 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Robinson would collect as much as $483,653, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Robinson received $10,166 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Robinson will have already received $20,637 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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