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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Ealey paid in $32K to pension fund, could collect $498K in retirement

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Former state university employee Patricia Ealey, who retired in May 2017, saved $31,841 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ealey would collect as much as $497,960, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Ealey received $10,466 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ealey will have already received $32,349 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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