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Peoria Standard

Sunday, May 26, 2024

Former state university employee Davidson paid in $25K to pension fund, could collect $301K in retirement

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Former state university employee Vachon Davidson, who retired in February 2016, saved $24,736 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davidson would collect as much as $300,684, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Davidson received $6,320 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Davidson will have already received $26,441 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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