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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Bachman paid in $87K to pension fund, could collect $1.41M in retirement

Money 06

Former state university employee Dona Bachman, who retired in January 2017, saved $86,969 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bachman would collect as much as $1.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Bachman received $29,533 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bachman will have already received $91,284 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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