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Sangamon Sun

Monday, September 30, 2024

Former state university employee Staab paid in $8K to pension fund, could collect $496K in retirement

Money041

Former state university employee Barbara Staab, who retired in June 2017, saved $8,427 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Staab would collect as much as $495,625, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Staab received $10,417 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Staab will have already received $10,417 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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