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Will County Gazette

Friday, April 19, 2024

Former state university employee Carroll paid in $19K to pension fund, could collect $359K in retirement

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Former state university employee Elbert Carroll, who retired in January 2016, saved $18,807 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carroll would collect as much as $358,762, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Carroll received $7,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carroll will have already received $23,305 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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