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Metro East Sun

Tuesday, April 16, 2024

Former state university employee Jackson paid in $65K to pension fund, could collect $1.07M in retirement

Money 03

Former state university employee Dana Jackson, who retired in January 2019, saved $64,521 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $1.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Jackson received $22,428 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jackson will have already received $69,323 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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