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Chambana Sun

Monday, November 25, 2024

Former state university employee Phillips paid in $157K to pension fund, could collect $3.24M in retirement

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Former state university employee Sybil Phillips, who retired in June 2017, saved $157,298 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $3.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Phillips received $68,193 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Phillips will have already received $210,778 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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