Sangamon Sun

Sangamon Sun

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

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By Local Labs News Service | Aug 1, 2018

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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.

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