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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Kumar paid in $23K to pension fund, could collect $580K in retirement

Money 05

Former state university employee Subhashree Kumar, who retired in July 2016, saved $23,294 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kumar would collect as much as $580,387, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Kumar received $12,199 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kumar will have already received $24,764 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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