Quantcast

West Cook News

Monday, December 23, 2024

Former state university employee Terrell paid in $126K to pension fund, could collect $2.04M in retirement

Shutterstock 385535740

Former state university employee Steven Terrell, who retired in June 2016, saved $125,864 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Terrell would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Terrell received $42,856 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Terrell will have already received $132,464 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS