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Sangamon Sun

Monday, November 25, 2024

Former state university employee Stoverink paid in $27K to pension fund, could collect $452K in retirement

Money 04

Former state university employee Candice Stoverink, who retired in July 2016, saved $26,844 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stoverink would collect as much as $452,305, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Stoverink received $9,507 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stoverink will have already received $29,385 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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