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Sangamon Sun

Monday, November 25, 2024

Former state university employee Manning paid in $6K to pension fund, could collect $320K in retirement

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Former state university employee Carol Manning, who retired in January 2017, saved $5,649 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Manning would collect as much as $319,781, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Manning received $6,721 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Manning will have already received $6,721 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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