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Sangamon Sun

Monday, November 25, 2024

Former state university employee Patterson paid in $46K to pension fund, could collect $350K in retirement

Money 02

Former state university employee Delores Patterson, who retired in January 2018, saved $46,209 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Patterson would collect as much as $350,398, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Patterson received $7,365 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Patterson will have already received $47,640 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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