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Carbondale Reporter

Thursday, April 25, 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.

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