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Carbondale Reporter

Friday, November 22, 2024

Former state university employee Carruthers paid in $27K to pension fund, could collect $730K in retirement

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Former state university employee Mary Carruthers, who retired in October 2018, saved $26,796 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carruthers would collect as much as $730,187, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Carruthers received $15,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carruthers will have already received $31,156 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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