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Chambana Sun

Monday, November 25, 2024

Former state university employee Goldbart paid in $249K to pension fund, could collect $4.94M in retirement

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Former state university employee Paul Goldbart, who retired in June 2017, saved $249,061 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Goldbart would collect as much as $4.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Goldbart received $103,904 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goldbart will have already received $321,157 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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