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Sangamon Sun

Monday, November 25, 2024

Former state university employee Willmore paid in $44K to pension fund, could collect $837K in retirement

Money759

Former state university employee Barbara Willmore, who retired in July 2017, saved $44,323 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Willmore would collect as much as $836,729, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Willmore received $17,587 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Willmore will have already received $54,360 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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