Former state university employee Neal paid in $60K to pension fund, could collect $771K in retirement

By East Central Reporter Reports

Sep 1, 2017

Former state university employee Jack Neal, who retired in August 2017, saved $59,530 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Neal would collect as much as $771,292, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Neal received $16,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Neal will have already received $67,824 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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