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Carbondale Reporter

Wednesday, April 24, 2024

Former state university employee Ellett paid in $24K to pension fund, could collect $430K in retirement

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Former state university employee Michelle Ellett, who retired in August 2016, saved $23,816 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ellett would collect as much as $430,194, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Ellett received $9,042 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ellett will have already received $27,947 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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