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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Ireland paid in $108K to pension fund, could collect $2.38M in retirement

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Former state university employee Donna Ireland, who retired in September 2016, saved $107,668 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ireland would collect as much as $2.38 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ireland received $50,041 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ireland will have already received $154,671 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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