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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee Malone paid in $49K to pension fund, could collect $849K in retirement

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Former state university employee Doris Malone, who retired in June 2017, saved $49,235 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Malone would collect as much as $849,375, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Malone received $17,853 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Malone will have already received $55,183 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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