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Carbondale Reporter

Saturday, September 21, 2024

Former state university employee James paid in $67K to pension fund, could collect $953K in retirement

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Former state university employee Alexander James, who retired in July 2016, saved $66,971 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, James would collect as much as $953,457, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes James received $20,040 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, James will have already received $83,839 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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