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Carbondale Reporter

Friday, November 22, 2024

Former state university employee Reynolds paid in $132K to pension fund, could collect $2.53M in retirement

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Former state university employee Melody Reynolds, who retired in October 2018, saved $131,657 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $2.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Reynolds received $53,136 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Reynolds will have already received $164,238 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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