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Sangamon Sun

Monday, November 25, 2024

Former state university employee Myers paid in $92K to pension fund, could collect $2.48M in retirement

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Former state university employee Sherry Myers, who retired in July 2016, saved $92,427 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Myers would collect as much as $2.48 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Myers received $52,103 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Myers will have already received $105,769 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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