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Sangamon Sun

Wednesday, July 30, 2025

Former state university employee Downey paid in $801 to pension fund, could collect $80K in retirement

Money 02

Former state university employee Michael Downey, who retired in April 2018, saved $801 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Downey would collect as much as $79,532, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Downey received $1,671 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Downey will have already received $1,671 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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