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Sangamon Sun

Friday, April 19, 2024

Former state university employee Miller paid in $3K to pension fund, could collect $88K in retirement

Money041

Former state university employee Michael Miller, who retired in February 2017, saved $3,221 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $87,611, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Miller received $1,841 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $3,737 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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