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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Johns paid in $74K to pension fund, could collect $1.59M in retirement

Money 06

Former state university employee Shawn Johns, who retired in May 2016, saved $74,035 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johns would collect as much as $1.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Johns received $33,368 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johns will have already received $103,137 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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