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

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.

ORGANIZATIONS IN THIS STORY

Black Hawk College

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.

Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.

Donate