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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Haworth paid in $36K to pension fund, could collect $620K in retirement

Money 08

Former state university employee Dennis Haworth, who retired in June 2017, saved $35,996 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haworth would collect as much as $619,837, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Haworth received $13,028 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haworth will have already received $40,269 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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