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Sangamon Sun

Thursday, May 2, 2024

Former state university employee Brown paid in $45K to pension fund, could collect $824K in retirement

Money 05

Former state university employee Mary Brown, who retired in January 2016, saved $44,808 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brown would collect as much as $824,226, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brown received $17,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Brown will have already received $53,547 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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