Sangamon Sun

Sangamon Sun

Monday, February 24, 2020

Former state university employee Smith paid in $312 to pension fund, could collect $90K in retirement


By Local Labs News Service | Oct 1, 2018


Former state university employee Thomas Smith, who retired in September 2018, saved $312 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $90,414, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smith received $1,900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Smith will have already received $1,900 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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