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Sangamon Sun

Friday, April 19, 2024

Former state university employee Vaninger paid in $8K to pension fund, could collect $529K in retirement

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Former state university employee Debra Vaninger, who retired in August 2018, saved $8,245 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vaninger would collect as much as $528,658, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Vaninger received $11,112 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Vaninger will have already received $11,112 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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