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Rock Island Today

Friday, April 26, 2024

Former state university employee Irvin paid in $145K to pension fund, could collect $2.8M in retirement

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Former state university employee Donna Irvin, who retired in June 2017, saved $144,862 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Irvin would collect as much as $2.8 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Irvin received $58,880 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Irvin will have already received $181,991 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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