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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Porter paid in $87K to pension fund, could collect $1.32M in retirement

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Former state university employee Darrell Porter, who retired in May 2016, saved $86,996 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Porter would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Porter received $27,695 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Porter will have already received $115,866 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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