Will County Gazette

Will County Gazette

Tuesday, February 25, 2020

Former state university employee Ayorinde paid in $105K to pension fund, could collect $2.17M in retirement

Schools

By Local Labs News Service | Feb 1, 2019

Shutterstock 197358977

Former state university employee Joan Ayorinde, who retired in January 2019, saved $105,317 toward a pension over 39 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ayorinde would collect as much as $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Ayorinde received $45,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ayorinde will have already received $140,759 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Joliet Junior College ?

Sign-up Next time we write about Joliet Junior College, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Joliet Junior College

More News