Former state university employee Thomas paid in $81K to pension fund, could collect $1.19M in retirement

By Local Labs News Service

Jul 1, 2016

Former state university employee Richard Thomas, who retired in June 2016, saved $80,517 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas 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 Thomas received $24,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Thomas will have already received $104,306 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Southern Illinois University Carbondale

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