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Illinois Valley Times

Friday, May 31, 2024

Former state university employee Engstrom paid in $88K to pension fund, could collect $1.46M in retirement

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Former state university employee Norman Engstrom, who retired in July 2016, saved $88,222 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Engstrom would collect as much as $1.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Engstrom received $30,630 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Engstrom will have already received $94,674 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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