Sangamon Sun

Sangamon Sun

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Former state university employee Brown paid in $150K to pension fund, could collect $3.47M in retirement

Schools

By Local Labs News Service | Aug 1, 2016


Former state university employee Robert Brown, who retired in July 2016, saved $150,327 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $3.47 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $73,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $225,762 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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