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McLean County Times

Monday, November 25, 2024

Former state university employee Walk paid in $52K to pension fund, could collect $924K in retirement

Money 08

Former state university employee Fred Walk, who retired in June 2016, saved $51,546 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walk would collect as much as $924,049, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Walk received $19,422 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walk will have already received $60,032 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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