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Sangamon Sun

Monday, November 25, 2024

Former state university employee Ernst paid in $29K to pension fund, could collect $503K in retirement

Money 02

Former state university employee Ellen Ernst, who retired in January 2017, saved $28,524 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ernst would collect as much as $503,207, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ernst received $10,577 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ernst will have already received $32,692 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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