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Sangamon Sun

Friday, November 22, 2024

Former state university employee Teer paid in $12K to pension fund, could collect $175K in retirement

Money 05

Former state university employee Laura Teer, who retired in October 2016, saved $11,677 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Teer would collect as much as $174,976, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Teer received $3,677 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Teer will have already received $15,383 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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