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Sangamon Sun

Monday, November 25, 2024

Former state university employee Richardson paid in $2K to pension fund, could collect $23K in retirement

Money 04

Former state university employee Elizabeth Richardson, who retired in January 2017, saved $1,792 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Richardson would collect as much as $23,355, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Richardson received $490 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Richardson will have already received $2,051 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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