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South Central Reporter

Tuesday, November 12, 2024

Former state university employee Mays paid in $135K to pension fund, could collect $3.08M in retirement

Money272

Former state university employee Danny Mays, who retired in June 2016, saved $134,778 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mays would collect as much as $3.08 million, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Mays received $64,839 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mays will have already received $200,411 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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