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McLean County Times

Monday, November 25, 2024

Former state university employee Poole paid in $108K to pension fund, could collect $1.75M in retirement

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Former state university employee John Poole, who retired in July 2016, saved $107,599 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Poole would collect as much as $1.75 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Poole received $36,748 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Poole will have already received $113,584 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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