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Sangamon Sun

Monday, November 25, 2024

Former state university employee Fields paid in $65K to pension fund, could collect $2.1M in retirement

Money272

Former state university employee Lynnette Fields, who retired in July 2017, saved $64,970 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Fields would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Fields received $44,238 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Fields will have already received $89,803 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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