Former state university employee Woodfall paid in $30K to pension fund, could collect $472K in retirement

By East Central Reporter Reports

Feb 1, 2016

Former state university employee Charles Woodfall, who retired in January 2016, saved $30,323 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Woodfall would collect as much as $471,915, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Woodfall received $9,919 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Woodfall will have already received $30,660 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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Eastern Illinois University

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