Quantcast

Quincy Reporter

Sunday, May 18, 2025

Former state university employee Palmer paid in $83K to pension fund, could collect $1.59M in retirement

Money 02

Former state university employee David Palmer, who retired in June 2018, saved $82,724 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Palmer would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Quincy Reporter.

The projection assumes Palmer received $33,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Palmer will have already received $103,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS