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Will County Gazette

Friday, April 26, 2024

Former state university employee Coldren paid in $114K to pension fund, could collect $2.02M in retirement

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Former state university employee James Coldren, who retired in January 2016, saved $114,488 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Coldren would collect as much as $2.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Coldren received $42,379 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Coldren will have already received $130,989 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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