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Will County Gazette

Friday, April 19, 2024

Former state university employee Miller paid in $330 to pension fund, could collect $20K in retirement

Money 01

Former state university employee Kenneth Miller, who retired in April 2017, saved $330 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $20,198, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Miller received $424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Miller will have already received $424 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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