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Carbondale Reporter

Tuesday, December 24, 2024

Former state university employee Lewis paid in $78K to pension fund, could collect $1.61M in retirement

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Former state university employee Jay Lewis, who retired in July 2017, saved $77,680 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lewis would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Lewis received $33,805 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lewis will have already received $104,488 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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