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Sangamon Sun

Thursday, November 7, 2024

Former state university employee Farrell paid in $16K to pension fund, could collect $562K in retirement

Money041

Former state university employee Roberta Farrell, who retired in July 2016, saved $15,637 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Farrell would collect as much as $562,078, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Farrell received $11,814 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Farrell will have already received $23,982 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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