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Sangamon Sun

Sunday, November 24, 2024

Former state university employee Knapp paid in $65K to pension fund, could collect $1.1M in retirement

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Former state university employee Sue Knapp, who retired in February 2018, saved $64,758 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Knapp would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Knapp received $23,051 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Knapp will have already received $71,249 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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