Quantcast

McLean County Times

Saturday, November 2, 2024

Former state university employee Zumalt paid in $66K to pension fund, could collect $961K in retirement

Money 05

Former state university employee Joseph Zumalt, who retired in October 2018, saved $65,537 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zumalt would collect as much as $960,833, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Zumalt received $20,196 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zumalt will have already received $84,493 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS