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West Cook News

Wednesday, May 8, 2024

Former state university employee Johns paid in $7K to pension fund, could collect $103K in retirement

Money041

Former state university employee Steven Johns, who retired in August 2018, saved $6,838 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johns would collect as much as $102,762, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Johns received $2,160 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Johns will have already received $9,038 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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