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Carbondale Reporter

Friday, April 26, 2024

Former state university employee Ali paid in $257K to pension fund, could collect $5.62M in retirement

Money 03

Former state university employee Naushad Ali, who retired in January 2019, saved $256,579 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ali would collect as much as $5.62 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Ali received $118,164 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ali will have already received $365,233 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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