Quantcast

North Cook News

Friday, April 26, 2024

Former state university employee Foster paid in $185K to pension fund, could collect $4.49M in retirement

Shutterstock 262120544

Former state university employee Daniel Foster, who retired in August 2016, saved $185,467 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Foster would collect as much as $4.49 million, according to a projection by Local Government Information Services (LGIS), which publishes North Cook News.

The projection assumes Foster received $94,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Foster will have already received $191,437 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!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

MORE NEWS