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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Lay paid in $96K to pension fund, could collect $2.2M in retirement

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Former state university employee Margaret Lay, who retired in June 2018, saved $95,775 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lay would collect as much as $2.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lay received $46,234 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lay will have already received $142,905 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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