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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Redford paid in $158K to pension fund, could collect $3.19M in retirement

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Former state university employee Allen Redford, who retired in September 2017, saved $157,627 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Redford would collect as much as $3.19 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Redford received $66,957 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Redford will have already received $206,958 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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