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Sangamon Sun

Saturday, April 20, 2024

Former state university employee Gill paid in $1K to pension fund, could collect $16K in retirement

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Former state university employee Michael Gill, who retired in November 2016, saved $1,050 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gill would collect as much as $15,711, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Gill received $330 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Gill will have already received $1,381 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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