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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Gillespie paid in $30K to pension fund, could collect $492K in retirement

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Former state university employee Patty Gillespie, who retired in September 2017, saved $29,923 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gillespie would collect as much as $492,222, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Gillespie received $10,346 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Gillespie will have already received $31,978 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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