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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Meinke paid in $155K to pension fund, could collect $2.5M in retirement

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Former state university employee F. Meinke, who retired in June 2018, saved $155,079 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meinke would collect as much as $2.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Meinke received $52,595 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meinke will have already received $162,566 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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