Quantcast

Sangamon Sun

Sunday, November 24, 2024

Former state university employee Cole paid in $98K to pension fund, could collect $2.46M in retirement

Shutterstock 197358977

Former state university employee Kerry Cole, who retired in February 2018, saved $98,380 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cole would collect as much as $2.46 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cole received $51,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Cole will have already received $105,002 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

MORE NEWS