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East Central Reporter

Thursday, November 7, 2024

Former state university employee Brown paid in $15K to pension fund, could collect $867K in retirement

Money 01

Former state university employee Shawn Brown, who retired in April 2018, saved $14,781 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $867,107, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Brown received $18,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Brown will have already received $18,225 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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