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McLean County Times

Friday, April 19, 2024

Former state university employee Carlson paid in $19K to pension fund, could collect $260K in retirement

Money041

Former state university employee Patricia Carlson, who retired in January 2017, saved $18,697 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carlson would collect as much as $259,579, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Carlson received $5,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carlson will have already received $22,828 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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