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Sangamon Sun

Thursday, April 18, 2024

Former state university employee Mellinger paid in $18K to pension fund, could collect $276K in retirement

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Former state university employee Kay Mellinger, who retired in March 2017, saved $18,425 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mellinger would collect as much as $276,415, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Mellinger received $5,810 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Mellinger will have already received $24,307 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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