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DeKalb Times

Sunday, May 18, 2025

Former state university employee Carpenter paid in $106K to pension fund, could collect $1.36M in retirement

Money 08

Former state university employee Paul Carpenter, who retired in October 2017, saved $106,285 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carpenter would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Carpenter received $28,671 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carpenter will have already received $119,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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