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Sangamon Sun

Sunday, July 20, 2025

Former state university employee Powers paid in $58K to pension fund, could collect $1.08M in retirement

Money 06

Former state university employee Karen Powers, who retired in June 2017, saved $58,014 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powers would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Powers received $22,644 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Powers will have already received $69,990 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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