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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Martell paid in $78K to pension fund, could collect $2.43M in retirement

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Former state university employee Kathryn Martell, who retired in June 2016, saved $78,401 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martell would collect as much as $2.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Martell received $51,147 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Martell will have already received $103,828 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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