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Carbondale Reporter

Monday, December 23, 2024

Former state university employee Colwell paid in $63K to pension fund, could collect $1.31M in retirement

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Former state university employee Donna Colwell, who retired in July 2017, saved $63,360 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Colwell would collect as much as $1.31 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Colwell received $27,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Colwell will have already received $85,260 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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