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Metro East Sun

Sunday, November 24, 2024

Former state university employee Blount paid in $20K to pension fund, could collect $896K in retirement

Money272

Former state university employee Stephen Blount, who retired in September 2018, saved $19,768 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Blount would collect as much as $895,978, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Blount received $18,832 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Blount will have already received $38,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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