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Chambana Sun

Friday, April 26, 2024

Former state university employee Bargon paid in $184K to pension fund, could collect $1.55M in retirement

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Former state university employee Martin Bargon, who retired in March 2019, saved $183,636 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bargon would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bargon received $32,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Bargon will have already received $210,817 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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