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Sangamon Sun

Monday, November 25, 2024

Former state university employee Jones paid in $195K to pension fund, could collect $3.2M in retirement

Money 03

Former state university employee Cynthia Jones, who retired in January 2018, saved $195,052 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $3.2 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jones received $67,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $208,089 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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