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Sangamon Sun

Friday, May 10, 2024

Former state university employee David paid in $64K to pension fund, could collect $1.36M in retirement

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Former state university employee Lisa David, who retired in January 2017, saved $64,071 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, David would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes David received $28,687 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, David will have already received $88,669 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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