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Sangamon Sun

Friday, November 8, 2024

Former state university employee Pavia paid in $43K to pension fund, could collect $1.52M in retirement

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Former state university employee Lynda Pavia, who retired in May 2018, saved $42,979 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pavia would collect as much as $1.52 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pavia received $31,891 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Pavia will have already received $64,739 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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