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Sangamon Sun

Monday, July 21, 2025

Former state university employee Abbas paid in $21K to pension fund, could collect $1.15M in retirement

Money 03

Former state university employee Farouk Abbas, who retired in April 2017, saved $21,237 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Abbas would collect as much as $1.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Abbas received $24,149 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Abbas will have already received $24,149 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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