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Sangamon Sun

Saturday, November 23, 2024

Former state university employee Sipes paid in $5K to pension fund, could collect $67K in retirement

Money041

Former state university employee Larry Sipes, who retired in June 2016, saved $4,846 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sipes would collect as much as $67,092, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Sipes received $1,410 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Sipes will have already received $5,899 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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