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DeKalb Times

Sunday, November 24, 2024

Former state university employee Carnes paid in $156K to pension fund, could collect $3.94M in retirement

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Former state university employee Gregory Carnes, who retired in February 2018, saved $155,646 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carnes would collect as much as $3.94 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Carnes received $82,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carnes will have already received $167,905 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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