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Carbondale Reporter

Tuesday, November 26, 2024

Former state university employee Holbrook paid in $11K to pension fund, could collect $493K in retirement

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Former state university employee Kathie Holbrook, who retired in December 2017, saved $11,474 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Holbrook would collect as much as $492,605, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Holbrook received $10,354 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Holbrook will have already received $21,019 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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