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Chambana Sun

Thursday, April 25, 2024

Former state university employee Carter paid in $77K to pension fund, could collect $1.33M in retirement

Money 01

Former state university employee John Carter, who retired in January 2019, saved $77,420 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carter would collect as much as $1.33 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Carter received $28,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carter will have already received $86,681 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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