Former state university employee Ferguson paid in $37K to pension fund, could collect $746K in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state university employee John Ferguson, who retired in January 2016, saved $37,392 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ferguson would collect as much as $746,207, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Ferguson received $15,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ferguson will have already received $48,479 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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