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McLean County Times

Monday, November 25, 2024

Former state university employee Powers paid in $38K to pension fund, could collect $642K in retirement

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Former state university employee Thomas Powers, who retired in August 2016, saved $37,543 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powers would collect as much as $641,520, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Powers received $13,484 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Powers will have already received $41,679 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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