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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Grey paid in $150K to pension fund, could collect $3.36M in retirement

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Former state university employee Michael Grey, who retired in February 2018, saved $150,462 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grey would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Grey received $70,562 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Grey will have already received $218,100 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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