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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Carpenter paid in $29K to pension fund, could collect $433K in retirement

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Former state university employee Rance Carpenter, who retired in July 2017, saved $28,792 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carpenter would collect as much as $432,843, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Carpenter received $9,098 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carpenter will have already received $38,063 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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