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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Crabb paid in $65K to pension fund, could collect $1.71M in retirement

Money 05

Former state university employee Rhonda Crabb, who retired in May 2016, saved $65,231 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Crabb would collect as much as $1.71 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Crabb received $35,907 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Crabb will have already received $72,891 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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