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Metro East Sun

Friday, November 22, 2024

Former state university employee Parthasarathy paid in $168K to pension fund, could collect $3.78M in retirement

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Former state university employee Teralandur Parthasarathy, who retired in January 2016, saved $167,988 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Parthasarathy would collect as much as $3.78 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Parthasarathy received $79,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Parthasarathy will have already received $245,850 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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