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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Joiner paid in $54K to pension fund, could collect $1.57M in retirement

Money 02

Former state university employee John Joiner, who retired in September 2016, saved $54,473 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Joiner would collect as much as $1.57 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Joiner received $32,911 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Joiner will have already received $66,809 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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