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East Central Reporter

Thursday, April 18, 2024

Former state university employee Brown paid in $28K to pension fund, could collect $424K in retirement

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Former state university employee Jeffery Brown, who retired in May 2016, saved $27,773 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $423,834, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Brown received $8,908 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brown will have already received $37,267 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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