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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Bame paid in $221K to pension fund, could collect $5.91M in retirement

Money 06

Former state university employee Kevin Bame, who retired in May 2017, saved $220,690 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bame would collect as much as $5.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Bame received $124,246 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bame will have already received $252,219 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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