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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Evans paid in $210K to pension fund, could collect $3.77M in retirement

Money 05

Former state university employee John Evans, who retired in May 2016, saved $209,889 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Evans would collect as much as $3.77 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Evans received $79,170 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Evans will have already received $244,706 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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