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Sangamon Sun

Wednesday, July 23, 2025

Former state university employee Raney paid in $71K to pension fund, could collect $1.44M in retirement

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Former state university employee Michael Raney, who retired in January 2016, saved $70,711 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Raney would collect as much as $1.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Raney received $30,283 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Raney will have already received $93,601 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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