Quantcast

Carbondale Reporter

Monday, December 23, 2024

Former state university employee Woolf paid in $87K to pension fund, could collect $1.73M in retirement

Shutterstock 385535740

Former state university employee Thomas Woolf, who retired in July 2017, saved $87,284 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woolf would collect as much as $1.73 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Woolf received $36,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Woolf will have already received $112,536 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