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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Willis paid in $144K to pension fund, could collect $2.82M in retirement

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Former state university employee James Willis, who retired in February 2018, saved $143,815 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Willis would collect as much as $2.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Willis received $59,372 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Willis will have already received $183,513 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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