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Sangamon Sun

Monday, November 25, 2024

Former state university employee Harvel paid in $5K to pension fund, could collect $85K in retirement

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Former state university employee Sandra Harvel, who retired in January 2018, saved $5,483 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harvel would collect as much as $84,511, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Harvel received $1,776 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harvel will have already received $5,489 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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