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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Johnson paid in $38K to pension fund, could collect $709K in retirement

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Former state university employee Karla Johnson, who retired in January 2016, saved $38,383 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $708,761, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson received $14,897 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $46,045 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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