Former state university employee Taylor paid in $29K to pension fund, could collect $716K in retirement

Former state university employee Joseph Taylor, who retired in June 2018, saved $29,114 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $716,160, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Taylor received $15,053 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Taylor will have already received $30,558 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.