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Sangamon Sun

Tuesday, April 23, 2024

Former state university employee Pilger paid in $115K to pension fund, could collect $2.45M in retirement

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Former state university employee Theodore Pilger, who retired in January 2016, saved $114,742 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pilger would collect as much as $2.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Pilger received $51,410 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pilger will have already received $158,903 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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