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McLean County Times

Sunday, November 24, 2024

Former state university employee Person paid in $47K to pension fund, could collect $1.09M in retirement

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Former state university employee Willie Person, who retired in January 2017, saved $47,038 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Person would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Person received $22,896 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Person will have already received $70,769 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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