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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Hale paid in $46K to pension fund, could collect $756K in retirement

Money 07

Former state university employee Thomas Hale, who retired in June 2017, saved $45,984 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hale would collect as much as $755,724, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hale received $15,884 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hale will have already received $49,097 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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