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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Sanders paid in $11K to pension fund, could collect $730K in retirement

Money 01

Former state university employee Catherine Sanders, who retired in February 2018, saved $11,234 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sanders would collect as much as $729,799, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sanders received $15,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sanders will have already received $15,339 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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