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McLean County Times

Friday, November 22, 2024

Former state university employee Sparrow paid in $46K to pension fund, could collect $781K in retirement

Money272

Former state university employee Kevin Sparrow, who retired in September 2016, saved $45,823 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sparrow would collect as much as $781,152, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Sparrow received $16,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sparrow will have already received $50,750 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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