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Sangamon Sun

Monday, November 25, 2024

Former state university employee Landers paid in $31K to pension fund, could collect $293K in retirement

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Former state university employee Michele Landers, who retired in January 2018, saved $31,259 toward a pension over 3 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Landers would collect as much as $293,222, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Landers received $6,163 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Landers will have already received $32,719 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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