Former state university employee Norton paid in $49K to pension fund, could collect $1.03M in retirement

By East Central Reporter Reports

Feb 1, 2018

Former state university employee Richard Norton, who retired in January 2018, saved $49,310 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Norton would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Norton received $21,606 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Norton will have already received $66,782 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

Eastern Illinois University

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate