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Will County Gazette

Saturday, November 23, 2024

Former state university employee Sillar paid in $58K to pension fund, could collect $1.03M in retirement

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Former state university employee Michael Sillar, who retired in July 2016, saved $58,320 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sillar would collect as much as $1.03 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Sillar received $21,547 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sillar will have already received $66,599 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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