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East Central Reporter

Saturday, November 23, 2024

Former state university employee Due paid in $165K to pension fund, could collect $3.33M in retirement

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Former state university employee Adam Due, who retired in January 2016, saved $164,889 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Due would collect as much as $3.33 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Due received $70,020 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Due will have already received $216,426 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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