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Saturday, December 7, 2019

Former state university employee Erickson paid in $8K to pension fund, could collect $110K in retirement


By Rock Island Today Reports | Nov 1, 2017


Former state university employee Joel Erickson, who retired in October 2017, saved $7,795 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Erickson would collect as much as $109,630, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Erickson received $2,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Erickson will have already received $9,638 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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