Quantcast

West Central Reporter

Tuesday, November 26, 2024

Former state university employee Fugate paid in $76K to pension fund, could collect $791K in retirement

Shutterstock 450769633

Former state university employee Duane Fugate, who retired in June 2016, saved $75,985 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fugate would collect as much as $791,371, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Fugate received $16,634 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Fugate will have already received $88,311 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS