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Sangamon Sun

Friday, May 3, 2024

Former state university employee Anderson paid in $127K to pension fund, could collect $3.26M in retirement

Money041

Former state university employee Barbara Anderson, who retired in June 2017, saved $127,032 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Anderson received $68,455 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Anderson will have already received $138,964 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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