Sangamon Sun

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Wednesday, January 22, 2020

Former state university employee Jacobs paid in $26K to pension fund, could collect $483K in retirement

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By Local Labs News Service | Feb 1, 2018

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Former state university employee Trudy Jacobs, who retired in January 2018, saved $26,058 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jacobs would collect as much as $482,580, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Jacobs received $10,143 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jacobs will have already received $31,350 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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