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Sangamon Sun

Monday, November 25, 2024

Former state university employee McNaughton paid in $40K to pension fund, could collect $664K in retirement

Money759

Former state university employee Rose McNaughton, who retired in January 2017, saved $40,435 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McNaughton would collect as much as $663,848, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes McNaughton received $13,953 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McNaughton will have already received $43,128 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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