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McLean County Times

Friday, November 22, 2024

Former state university employee Martin paid in $62K to pension fund, could collect $1.82M in retirement

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Former state university employee Reah Martin, who retired in October 2017, saved $62,392 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Martin received $38,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Martin will have already received $77,587 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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