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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Allmeroth paid in $68K to pension fund, could collect $1.79M in retirement

Money759

Former state university employee Kathy Allmeroth, who retired in May 2017, saved $68,110 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allmeroth would collect as much as $1.79 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Allmeroth received $37,555 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Allmeroth will have already received $76,237 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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