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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Clodfelter paid in $45K to pension fund, could collect $1.19M in retirement

Money 05

Former state university employee Kenneth Clodfelter, who retired in January 2016, saved $45,477 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clodfelter would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Clodfelter received $24,964 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Clodfelter will have already received $50,677 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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