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Sangamon Sun

Monday, November 25, 2024

Former state university employee Mummert paid in $123K to pension fund, could collect $2.22M in retirement

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Former state university employee Jack Mummert, who retired in July 2017, saved $123,007 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mummert would collect as much as $2.22 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mummert received $46,564 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mummert will have already received $143,925 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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