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West Central Reporter

Saturday, December 28, 2024

Former state university employee Thorpe paid in $65K to pension fund, could collect $1.09M in retirement

Money272

Former state university employee Walter Thorpe, who retired in January 2019, saved $64,913 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thorpe would collect as much as $1.09 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Thorpe received $22,836 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thorpe will have already received $70,584 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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