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West Central Reporter

Friday, April 26, 2024

Former state university employee Simmons paid in $76K to pension fund, could collect $1.23M in retirement

Money272

Former state university employee John Simmons, who retired in January 2016, saved $75,813 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Simmons would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Simmons received $25,840 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Simmons will have already received $79,868 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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