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Sangamon Sun

Monday, November 25, 2024

Former state university employee Tin paid in $97K to pension fund, could collect $2.25M in retirement

Money041

Former state university employee Karen Tin, who retired in January 2017, saved $97,077 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tin would collect as much as $2.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Tin received $47,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tin will have already received $146,347 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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