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Sangamon Sun

Friday, November 8, 2024

Former state university employee Springer paid in $38K to pension fund, could collect $577K in retirement

Money 05

Former state university employee Stephen Springer, who retired in May 2018, saved $37,581 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Springer would collect as much as $577,321, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Springer received $12,134 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Springer will have already received $50,764 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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