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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Smith paid in $15K to pension fund, could collect $209K in retirement

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Former state university employee Matthew Smith, who retired in January 2019, saved $15,499 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Smith would collect as much as $208,951, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Smith received $4,392 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Smith will have already received $18,376 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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