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Former state university employee Cutts paid in $63K to pension fund, could collect $1.01M in retirement

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By Local Labs News Service | Oct 1, 2018

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Former state university employee Steven Cutts, who retired in September 2018, saved $63,208 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cutts would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Cutts received $21,312 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cutts will have already received $65,873 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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