Former state university employee Bays paid in $14K to pension fund, could collect $377K in retirement

By East Central Reporter Reports

Mar 1, 2016

Former state university employee William Bays, who retired in February 2016, saved $14,050 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bays would collect as much as $376,837, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Bays received $7,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bays will have already received $16,078 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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