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Sangamon Sun

Monday, November 25, 2024

Former state university employee Barnhart paid in $42K to pension fund, could collect $565K in retirement

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Former state university employee Jennifer Barnhart, who retired in July 2017, saved $41,947 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Barnhart would collect as much as $565,258, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Barnhart received $11,881 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Barnhart will have already received $49,704 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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