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Metro East Sun

Sunday, November 24, 2024

Former state university employee Lyons paid in $105K to pension fund, could collect $1.64M in retirement

Money759

Former state university employee David Lyons, who retired in January 2018, saved $104,631 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lyons would collect as much as $1.64 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Lyons received $34,476 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lyons will have already received $106,561 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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