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Carbondale Reporter

Thursday, April 25, 2024

Former state university employee Thomas paid in $73K to pension fund, could collect $1.41M in retirement

Money 02

Former state university employee Kelly Thomas, who retired in December 2018, saved $72,541 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Thomas received $29,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $91,466 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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