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Kane County Reporter

Monday, May 20, 2024

Former state university employee Ward paid in $150K to pension fund, could collect $2.5M in retirement

Money272

Former state university employee Daniel Ward, who retired in June 2016, saved $149,991 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ward would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Ward received $52,480 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ward will have already received $162,210 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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