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McLean County Times

Sunday, November 24, 2024

Former state university employee Humphreys paid in $194K to pension fund, could collect $3.85M in retirement

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Former state university employee Michael Humphreys, who retired in June 2016, saved $194,247 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Humphreys would collect as much as $3.85 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Humphreys received $80,971 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Humphreys will have already received $250,273 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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