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Sangamon Sun

Monday, July 7, 2025

Former state university employee Carnaghi paid in $42K to pension fund, could collect $595K in retirement

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Former state university employee Robert Carnaghi, who retired in May 2017, saved $41,714 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carnaghi would collect as much as $595,179, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Carnaghi received $12,510 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Carnaghi will have already received $52,337 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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