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Sangamon Sun

Friday, April 26, 2024

Former state university employee Whitehead paid in $32K to pension fund, could collect $1.49M in retirement

Money759

Former state university employee Linda Whitehead, who retired in August 2017, saved $31,550 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Whitehead would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Whitehead received $31,280 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Whitehead will have already received $63,498 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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