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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Grotsky paid in $7K to pension fund, could collect $238K in retirement

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Former state university employee Morris Grotsky, who retired in April 2016, saved $7,293 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grotsky would collect as much as $238,449, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Grotsky received $5,012 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Grotsky will have already received $10,174 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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