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Sangamon Sun

Monday, May 20, 2024

Former state university employee Flammini paid in $30K to pension fund, could collect $493K in retirement

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Former state university employee Gary Flammini, who retired in January 2016, saved $29,533 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Flammini would collect as much as $493,027, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Flammini received $10,363 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Flammini will have already received $32,031 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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