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Sangamon Sun

Monday, November 25, 2024

Former state university employee Johnson paid in $43K to pension fund, could collect $611K in retirement

Money 06

Former state university employee James Johnson, who retired in January 2017, saved $42,572 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $611,113, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Johnson received $12,845 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Johnson will have already received $53,738 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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