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Former state university employee Porter paid in $102K to pension fund, could collect $1.37M in retirement

Schools

By Local Labs News Service | Jun 6, 2019

Money 06

Former state university employee Everett Porter, who retired in April 2019, saved $101,752 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Porter would collect as much as $1.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Porter received $28,728 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Porter will have already received $120,188 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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