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Sangamon Sun

Wednesday, April 24, 2024

Former state university employee Brandenburg paid in $110K to pension fund, could collect $1.45M in retirement

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Former state university employee Steven Brandenburg, who retired in March 2019, saved $110,325 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Brandenburg would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Brandenburg received $30,420 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Brandenburg will have already received $127,267 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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