Quantcast

Carbondale Reporter

Monday, December 23, 2024

Former state university employee Mathews paid in $57K to pension fund, could collect $1.08M in retirement

Money 02

Former state university employee Wayne Mathews, who retired in June 2016, saved $56,962 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mathews would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Mathews received $22,682 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mathews will have already received $70,107 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