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Chambana Sun

Tuesday, November 26, 2024

Former state university employee Bridges paid in $124K to pension fund, could collect $2.09M in retirement

Money 01

Former state university employee Lee Bridges, who retired in March 2019, saved $124,354 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bridges would collect as much as $2.09 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Bridges received $44,028 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bridges will have already received $136,086 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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