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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Reid paid in $1K to pension fund, could collect $91K in retirement

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Former state university employee Donald Reid, who retired in June 2016, saved $1,092 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reid would collect as much as $90,516, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Reid received $1,902 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Reid will have already received $1,902 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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