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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Jackson paid in $113K to pension fund, could collect $1.97M in retirement

Money 06

Former state university employee Ruth Jackson, who retired in May 2017, saved $113,454 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jackson would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Jackson received $41,337 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jackson will have already received $127,768 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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