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Carbondale Reporter

Wednesday, April 24, 2024

Former state university employee Chapman paid in $19K to pension fund, could collect $350K in retirement

Money 05

Former state university employee Debra Chapman, who retired in August 2018, saved $18,548 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chapman would collect as much as $350,067, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Chapman received $7,358 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chapman will have already received $22,743 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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