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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Thornhill paid in $61K to pension fund, could collect $1.17M in retirement

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Former state university employee Gerald Thornhill, who retired in February 2018, saved $60,589 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thornhill would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Thornhill received $24,561 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Thornhill will have already received $75,916 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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