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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Collins paid in $48K to pension fund, could collect $3.59M in retirement

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Former state university employee Kenny Collins, who retired in June 2018, saved $48,115 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Collins would collect as much as $3.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Collins received $75,426 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Collins will have already received $75,426 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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