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Sangamon Sun

Friday, April 19, 2024

Former state university employee Jarzemsky paid in $17K to pension fund, could collect $1.07M in retirement

Money 07

Former state university employee Mark Jarzemsky, who retired in February 2017, saved $17,025 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jarzemsky would collect as much as $1.07 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jarzemsky received $22,578 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Jarzemsky will have already received $22,578 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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