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Sangamon Sun

Monday, November 25, 2024

Former state university employee Allen paid in $243K to pension fund, could collect $5.01M in retirement

Money836

Former state university employee James Allen, who retired in January 2017, saved $243,373 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allen would collect as much as $5.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Allen received $105,213 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Allen will have already received $325,202 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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