Rock Island Today

Rock Island Today

Friday, December 6, 2019

Former state university employee Desmond paid in $153K to pension fund, could collect $3.5M in retirement


By Rock Island Today Reports | Jul 1, 2017

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Former state university employee William Desmond, who retired in June 2017, saved $153,201 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Desmond would collect as much as $3.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Desmond received $73,624 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Desmond will have already received $227,565 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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