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Illinois Valley Times

Monday, May 20, 2024

Former state university employee Meador paid in $7K to pension fund, could collect $374K in retirement

Money 08

Former state university employee Lloyd Meador, who retired in July 2016, saved $6,897 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meador would collect as much as $374,045, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Meador received $7,862 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Meador will have already received $7,862 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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