Quantcast

Carbondale Reporter

Wednesday, April 24, 2024

Former state university employee Stanley paid in $120K to pension fund, could collect $1.05M in retirement

Shutterstock 249974521

Former state university employee Scotty Stanley, who retired in January 2019, saved $119,868 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stanley would collect as much as $1.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Stanley received $22,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Stanley will have already received $142,821 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS