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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Williams paid in $77K to pension fund, could collect $1.49M in retirement

Money 01

Former state university employee Herbert Williams, who retired in June 2017, saved $77,004 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Williams would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Williams received $31,238 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Williams will have already received $96,553 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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