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Macon Reporter

Saturday, June 28, 2025

Former state university employee Richardson paid in $88K to pension fund, could collect $2.01M in retirement

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Former state university employee Frank Richardson, who retired in July 2017, saved $88,278 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Richardson would collect as much as $2.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Richardson received $42,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Richardson will have already received $130,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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