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Former state university employee Spencer paid in $62K to pension fund, could collect $486K in retirement

Schools

By Local Labs News Service | Aug 1, 2016


Former state university employee Kimbra Spencer, who retired in July 2016, saved $62,095 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Spencer would collect as much as $485,617, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Spencer received $10,207 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Spencer will have already received $66,022 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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