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Peoria Standard

Tuesday, November 26, 2024

Former state university employee Reynolds paid in $110K to pension fund, could collect $1.77M in retirement

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Former state university employee Randall Reynolds, who retired in May 2018, saved $110,392 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $1.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Reynolds received $37,247 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reynolds will have already received $115,126 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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