West Central Reporter

West Central Reporter

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Former state university employee Bolton paid in $54K to pension fund, could collect $938K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

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Former state university employee Charles Bolton, who retired in January 2016, saved $53,856 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bolton would collect as much as $937,962, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Bolton received $19,715 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bolton will have already received $60,936 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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