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North Egypt News

Friday, November 22, 2024

Former state university employee Owens paid in $28K to pension fund, could collect $475K in retirement

Money 04

Former state university employee Lloyd Owens, who retired in January 2016, saved $28,393 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Owens would collect as much as $475,095, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Owens received $9,986 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Owens will have already received $30,867 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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