Former state university employee Harvey paid in $288 to pension fund, could collect $50K in retirement

By Local Labs News Service

Jul 1, 2018

Former state university employee Michael Harvey, who retired in June 2018, saved $288 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harvey would collect as much as $50,239, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Harvey received $1,056 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Harvey will have already received $1,056 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Lewis And Clark Community College

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