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Sangamon Sun

Saturday, April 20, 2024

Former state university employee Thompson paid in $98K to pension fund, could collect $1.86M in retirement

Money759

Former state university employee Philip Thompson, who retired in January 2019, saved $97,668 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thompson would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Thompson received $39,108 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thompson will have already received $120,878 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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