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Will County Gazette

Monday, November 25, 2024

Former state university employee Linden paid in $117K to pension fund, could collect $1.71M in retirement

Money 03

Former state university employee Peter Linden, who retired in August 2016, saved $117,199 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Linden would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Linden received $36,030 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Linden will have already received $150,736 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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