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West Cook News

Monday, November 25, 2024

Former state university employee Cavender paid in $23K to pension fund, could collect $871K in retirement

Money 02

Former state university employee Donald Cavender, who retired in July 2016, saved $23,155 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cavender would collect as much as $871,195, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Cavender received $18,311 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cavender will have already received $37,171 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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