Former state university employee Carlos paid in $42K to pension fund, could collect $593K in retirement

Former state university employee Jose Carlos, who retired in December 2017, saved $41,592 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carlos would collect as much as $592,599, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Carlos received $12,456 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carlos will have already received $52,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.