Former state university employee Goodman paid in $13K to pension fund, could collect $232K in retirement

Former state university employee Charles Goodman, who retired in January 2016, saved $13,151 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Goodman would collect as much as $231,958, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Goodman received $4,875 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Goodman will have already received $15,068 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.