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Carbondale Reporter

Monday, April 15, 2024

Former state university employee Cronin paid in $100K to pension fund, could collect $2.4M in retirement

Money759

Former state university employee David Cronin, who retired in January 2018, saved $100,395 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cronin would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Cronin received $50,452 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cronin will have already received $102,418 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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