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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Wright paid in $72K to pension fund, could collect $1.45M in retirement

Money 05

Former state university employee Diane Wright, who retired in January 2019, saved $71,773 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wright would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wright received $30,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wright will have already received $94,507 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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