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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Carroll paid in $54K to pension fund, could collect $1.29M in retirement

Money 08

Former state university employee Timothy Carroll, who retired in October 2016, saved $53,907 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carroll would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Carroll received $27,023 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carroll will have already received $54,857 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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