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Chambana Sun

Wednesday, April 17, 2024

Former state university employee Hamor paid in $194K to pension fund, could collect $3.54M in retirement

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Former state university employee Ralph Hamor, who retired in August 2017, saved $193,862 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hamor would collect as much as $3.54 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hamor received $74,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hamor will have already received $229,774 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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