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McLean County Times

Monday, December 23, 2024

Former state university employee Miller paid in $159K to pension fund, could collect $3.01M in retirement

Money 08

Former state university employee H. Miller, who retired in July 2017, saved $159,251 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $3.01 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Miller received $63,308 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Miller will have already received $195,678 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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