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Chambana Sun

Monday, November 25, 2024

Former state university employee Tucker paid in $352K to pension fund, could collect $10.67M in retirement

Money 05

Former state university employee Charles Tucker, who retired in July 2017, saved $352,397 toward a pension over 32 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tucker would collect as much as $10.67 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Tucker received $224,304 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Tucker will have already received $455,337 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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