Former state university employee Jansen paid in $31K to pension fund, could collect $704K in retirement

Former state university employee Arnold Jansen, who retired in January 2017, saved $31,283 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jansen would collect as much as $703,651, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Jansen received $14,790 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jansen will have already received $45,715 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.