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Carbondale Reporter

Thursday, April 18, 2024

Former state university employee Varns paid in $29K to pension fund, could collect $463K in retirement

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Former state university employee Larry Varns, who retired in April 2018, saved $28,525 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Varns would collect as much as $463,078, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Varns received $9,733 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Varns will have already received $30,084 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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