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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Clough paid in $20K to pension fund, could collect $406K in retirement

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Former state university employee Sharon Clough, who retired in September 2016, saved $20,222 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clough would collect as much as $406,472, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Clough received $8,543 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clough will have already received $26,405 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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