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McLean County Times

Friday, November 15, 2024

Former state university employee Menken paid in $136K to pension fund, could collect $2.37M in retirement

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Former state university employee Richard Menken, who retired in January 2018, saved $135,844 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Menken would collect as much as $2.37 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Menken received $49,793 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Menken will have already received $153,906 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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