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Sangamon Sun

Tuesday, November 5, 2024

Former state university employee Saint paid in $64K to pension fund, could collect $1.08M in retirement

Money 01

Former state university employee John Saint, who retired in March 2016, saved $64,183 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Saint would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Saint received $22,728 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Saint will have already received $70,250 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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