Former state university employee Andrew paid in $72K to pension fund, could collect $2.71M in retirement

By East Central Reporter Reports

Feb 1, 2018

Former state university employee Keith Andrew, who retired in January 2018, saved $72,257 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Andrew would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Andrew received $56,998 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Andrew will have already received $115,706 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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