Quantcast

Illinois Valley Times

Thursday, December 26, 2024

Former state university employee Thorne paid in $1K to pension fund, could collect $48K in retirement

Shutterstock 113962678

Former state university employee Steven Thorne, who retired in September 2016, saved $1,087 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thorne would collect as much as $47,733, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Thorne received $1,003 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Thorne will have already received $2,036 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

ORGANIZATIONS IN THIS STORY

!RECEIVE ALERTS

The next time we write about any of these orgs, we’ll email you a link to the story. You may edit your settings or unsubscribe at any time.
Sign-up

DONATE

Help support the Metric Media Foundation's mission to restore community based news.
Donate

MORE NEWS