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Sangamon Sun

Monday, November 25, 2024

Former state university employee Major paid in $27K to pension fund, could collect $398K in retirement

Money 08

Former state university employee Deborah Major, who retired in July 2017, saved $26,758 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Major would collect as much as $398,052, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Major received $8,366 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Major will have already received $35,001 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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