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Sangamon Sun

Sunday, June 8, 2025

Former state university employee Ray paid in $48K to pension fund, could collect $826K in retirement

Money 07

Former state university employee Gary Ray, who retired in October 2017, saved $47,520 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ray would collect as much as $826,156, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Ray received $17,365 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ray will have already received $53,674 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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