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Sangamon Sun

Monday, May 20, 2024

Former state university employee Baker paid in $20K to pension fund, could collect $473K in retirement

Money759

Former state university employee Jennifer Baker, who retired in January 2016, saved $20,293 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baker would collect as much as $472,766, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Baker received $9,937 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Baker will have already received $30,714 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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