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West Cook News

Tuesday, November 26, 2024

Former state university employee Frey paid in $81K to pension fund, could collect $1.85M in retirement

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Former state university employee Robert Frey, who retired in January 2018, saved $80,742 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Frey would collect as much as $1.85 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Frey received $38,919 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Frey will have already received $120,296 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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