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Sangamon Sun

Monday, November 25, 2024

Former state university employee Camacho paid in $20K to pension fund, could collect $455K in retirement

Money272

Former state university employee Judith Camacho, who retired in July 2016, saved $19,816 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Camacho would collect as much as $455,393, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Camacho received $9,572 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Camacho will have already received $29,586 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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