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Sangamon Sun

Tuesday, April 16, 2024

Former state university employee Baratta paid in $58K to pension fund, could collect $1.94M in retirement

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Former state university employee Mariann Baratta, who retired in August 2017, saved $58,344 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Baratta would collect as much as $1.94 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Baratta received $40,799 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Baratta will have already received $82,822 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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