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Carbondale Reporter

Thursday, April 18, 2024

Former state university employee Nagle paid in $45K to pension fund, could collect $550K in retirement

Money 04

Former state university employee Stephen Nagle, who retired in January 2019, saved $44,741 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Nagle would collect as much as $549,781, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Nagle received $11,556 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Nagle will have already received $48,347 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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