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McLean County Times

Friday, November 15, 2024

Former state university employee Staley paid in $67K to pension fund, could collect $1.64M in retirement

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Former state university employee Jan Staley, who retired in January 2018, saved $66,860 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Staley would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Staley received $34,566 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Staley will have already received $70,169 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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