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Sangamon Sun

Thursday, November 14, 2024

Former state university employee Root paid in $62K to pension fund, could collect $1.34M in retirement

Money041

Former state university employee Lisa Root, who retired in November 2017, saved $61,528 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Root would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Root received $28,071 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Root will have already received $86,764 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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