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Sangamon Sun

Monday, November 25, 2024

Former state university employee Massad paid in $47K to pension fund, could collect $741K in retirement

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Former state university employee Leslie Massad, who retired in November 2018, saved $47,362 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Massad would collect as much as $741,034, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Massad received $15,576 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Massad will have already received $48,143 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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