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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Brown paid in $119K to pension fund, could collect $2.95M in retirement

Money759

Former state university employee D. Brown, who retired in June 2017, saved $118,910 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $2.95 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $61,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Brown will have already received $125,698 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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