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Sangamon Sun

Friday, November 8, 2024

Former state university employee Engelman paid in $135K to pension fund, could collect $3.14M in retirement

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Former state university employee Timothy Engelman, who retired in May 2018, saved $135,387 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Engelman would collect as much as $3.14 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Engelman received $65,928 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Engelman will have already received $203,777 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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