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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Sammons paid in $151K to pension fund, could collect $2.36M in retirement

Money272

Former state university employee Garry Sammons, who retired in January 2019, saved $151,395 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sammons would collect as much as $2.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sammons received $49,680 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sammons will have already received $153,555 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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