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Carbondale Reporter

Monday, December 23, 2024

Former state university employee Loew paid in $39K to pension fund, could collect $1.87M in retirement

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Former state university employee Thomas Loew, who retired in July 2017, saved $39,354 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Loew would collect as much as $1.87 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Loew received $39,315 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Loew will have already received $79,809 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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