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Peoria Standard

Monday, November 25, 2024

Former state university employee Thomas paid in $81K to pension fund, could collect $1.93M in retirement

Money 01

Former state university employee Barbara Thomas, who retired in July 2017, saved $80,737 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $1.93 million, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Thomas received $40,597 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Thomas will have already received $82,412 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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