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Monday, February 17, 2020

Former state university employee Sharp paid in $1K to pension fund, could collect $30K in retirement

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By Local Labs News Service | Oct 1, 2018

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Former state university employee Raymond Sharp, who retired in September 2018, saved $1,024 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sharp would collect as much as $29,687, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sharp received $624 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sharp will have already received $1,267 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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