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Macon Reporter

Saturday, November 23, 2024

Former state university employee Johnson paid in $54K to pension fund, could collect $1.36M in retirement

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Former state university employee Beverly Johnson, who retired in January 2018, saved $53,992 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Johnson received $28,524 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Johnson will have already received $57,904 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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