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Chambana Sun

Tuesday, April 23, 2024

Former state university employee Namachchivaya paid in $194K to pension fund, could collect $4.99M in retirement

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Former state university employee Beth Namachchivaya, who retired in August 2017, saved $194,230 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Namachchivaya would collect as much as $4.99 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Namachchivaya received $104,841 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Namachchivaya will have already received $212,827 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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