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Sangamon Sun

Wednesday, November 6, 2024

Former state university employee Lant paid in $168K to pension fund, could collect $3.41M in retirement

Money 03

Former state university employee Christopher Lant, who retired in March 2016, saved $168,169 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lant would collect as much as $3.41 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lant received $71,725 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lant will have already received $221,695 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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