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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Harvey paid in $47K to pension fund, could collect $1.89M in retirement

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Former state university employee Carolin Harvey, who retired in January 2017, saved $47,351 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harvey would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Harvey received $39,660 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Harvey will have already received $80,510 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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