Former state university employee Bennett paid in $95K to pension fund, could collect $1.4M in retirement

By Local Labs News Service

Jun 1, 2016

Former state university employee Lynn Bennett, who retired in May 2016, saved $94,846 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bennett would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bennett received $29,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Bennett will have already received $122,681 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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University of Illinois - Foundation

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