Former state university employee Powell paid in $97K to pension fund, could collect $1.11M in retirement

By Local Labs News Service

Jul 1, 2017

Former state university employee Frank Powell, who retired in June 2017, saved $96,632 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powell would collect as much as $1.11 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Powell received $23,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Powell will have already received $97,556 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Illinois State University

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