West Central Reporter

West Central Reporter

Monday, November 18, 2019

Former state university employee Carrigan paid in $21K to pension fund, could collect $334K in retirement

Schools

By Local Labs News Service | Feb 1, 2016

Money041

Former state university employee Clara Carrigan, who retired in January 2016, saved $20,558 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carrigan would collect as much as $333,768, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Carrigan received $7,015 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carrigan will have already received $21,682 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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