Former state university employee Drake paid in $161K to pension fund, could collect $2.93M in retirement

By East Central Reporter Reports

Oct 1, 2018

Former state university employee Allen Drake, who retired in September 2018, saved $161,276 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Drake would collect as much as $2.93 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Drake received $61,512 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Drake will have already received $190,127 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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