Quantcast

DeKalb Times

Monday, November 25, 2024

Former state university employee Carter paid in $155K to pension fund, could collect $2.9M in retirement

Shutterstock 233512279

Former state university employee Gary Carter, who retired in January 2017, saved $155,151 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carter would collect as much as $2.9 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Carter received $60,882 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carter will have already received $188,179 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS