Sangamon Sun

Sangamon Sun

Monday, February 17, 2020

Former state university employee Powell paid in $5K to pension fund, could collect $75K in retirement

Schools

By Local Labs News Service | Oct 1, 2018

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Former state university employee William Powell, who retired in September 2018, saved $5,093 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Powell would collect as much as $75,365, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Powell received $1,584 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Powell will have already received $6,628 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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