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Sangamon Sun

Tuesday, November 26, 2024

Former state university employee Lane paid in $28K to pension fund, could collect $1.01M in retirement

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Former state university employee Beth Lane, who retired in July 2018, saved $27,849 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lane would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Lane received $21,279 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Lane will have already received $43,196 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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