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West Central Reporter

Saturday, November 23, 2024

Former state university employee Jorgesen paid in $89K to pension fund, could collect $1.53M in retirement

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Former state university employee William Jorgesen, who retired in June 2016, saved $88,684 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jorgesen would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Jorgesen received $32,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jorgesen will have already received $99,197 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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