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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Keller paid in $40K to pension fund, could collect $1.55M in retirement

Money 03

Former state university employee Linda Keller, who retired in February 2018, saved $39,515 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Keller would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Keller received $32,499 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Keller will have already received $65,973 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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