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McLean County Times

Sunday, November 24, 2024

Former state university employee Adams paid in $86K to pension fund, could collect $1.8M in retirement

Money 02

Former state university employee William Adams, who retired in June 2016, saved $86,183 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Adams would collect as much as $1.8 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Adams received $37,855 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Adams will have already received $117,007 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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