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McLean County Times

Tuesday, November 26, 2024

Former state university employee Nnamani paid in $318K to pension fund, could collect $5.19M in retirement

Money 03

Former state university employee Chika Nnamani, who retired in January 2016, saved $318,330 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nnamani would collect as much as $5.19 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Nnamani received $109,103 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Nnamani will have already received $337,226 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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