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Sangamon Sun

Monday, November 25, 2024

Former state university employee Graves paid in $4K to pension fund, could collect $110K in retirement

Money 04

Former state university employee Karen Graves, who retired in February 2016, saved $3,536 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Graves would collect as much as $110,287, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Graves received $2,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Graves will have already received $4,706 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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