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Peoria Standard

Monday, November 25, 2024

Former state university employee Thomas paid in $12K to pension fund, could collect $195K in retirement

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Former state university employee Chris Thomas, who retired in July 2018, saved $12,348 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $194,775, according to a projection by Local Government Information Services (LGIS), which publishes Peoria Standard.

The projection assumes Thomas received $4,094 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thomas will have already received $12,655 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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