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McLean County Times

Monday, November 25, 2024

Former state university employee Daman paid in $3K to pension fund, could collect $43K in retirement

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Former state university employee Robert Daman, who retired in March 2018, saved $2,500 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daman would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Daman received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daman will have already received $2,782 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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