Former state university employee Charles Nolley, who retired in August 2018, saved $148,355 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.
Over 30 years of retirement, Nolley would collect as much as $2.75 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.
The projection assumes Nolley received $57,729 in the first year of retirement, then 3 percent annual increases thereafter, compounded.
After 3 years of retirement, Nolley will have already received $178,435 in retirement benefits, or more than the sum total of the retiree’s contributions to the state pension fund.
