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West Central Reporter

Saturday, December 28, 2024

Former state university employee Tang paid in $153K to pension fund, could collect $2.51M in retirement

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Former state university employee Shengming Tang, who retired in January 2019, saved $152,577 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tang would collect as much as $2.51 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Tang received $52,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tang will have already received $162,903 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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