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Metro East Sun

Saturday, November 23, 2024

Former state university employee Trucks paid in $36K to pension fund, could collect $455K in retirement

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Former state university employee Clyde Trucks, who retired in August 2016, saved $36,003 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Trucks would collect as much as $455,188, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Trucks received $9,567 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Trucks will have already received $40,026 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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