Sangamon Sun

Sangamon Sun

Saturday, December 7, 2019

Former state university employee Thornton paid in $160K to pension fund, could collect $2.68M in retirement


By Local Labs News Service | Aug 1, 2018

Shutterstock 113962678

Former state university employee Charles Thornton, who retired in July 2018, saved $159,897 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thornton would collect as much as $2.68 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Thornton received $56,385 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thornton will have already received $174,281 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

Want to get notified whenever we write about Southern Illinois University at Edwardsville ?

Sign-up Next time we write about Southern Illinois University at Edwardsville, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Southern Illinois University at Edwardsville

More News