Former state university employee Meredith paid in $61K to pension fund, could collect $1.08M in retirement

By Local Labs News Service

Feb 1, 2016

Former state university employee Terrance Meredith, who retired in January 2016, saved $61,287 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meredith would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Meredith received $22,765 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meredith will have already received $70,364 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Southern Illinois University At Edwardsville

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