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Sangamon Sun

Wednesday, December 4, 2024

Former state university employee Rowland paid in $53K to pension fund, could collect $969K in retirement

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Former state university employee Karen Rowland, who retired in April 2019, saved $52,639 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rowland would collect as much as $968,825, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Rowland received $20,364 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rowland will have already received $62,943 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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