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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Bogard paid in $109K to pension fund, could collect $2.6M in retirement

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Former state university employee Timothy Bogard, who retired in January 2018, saved $108,774 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bogard would collect as much as $2.6 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bogard received $54,666 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bogard will have already received $110,972 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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