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Sangamon Sun

Monday, December 23, 2024

Former state university employee Bradley paid in $48K to pension fund, could collect $779K in retirement

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Former state university employee Steven Bradley, who retired in January 2016, saved $48,007 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bradley would collect as much as $779,102, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Bradley received $16,376 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bradley will have already received $50,616 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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