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Chambana Sun

Thursday, April 25, 2024

Former state university employee Keane paid in $214K to pension fund, could collect $3.36M in retirement

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Former state university employee Richard Keane, who retired in January 2019, saved $214,465 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Keane would collect as much as $3.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Keane received $70,560 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Keane will have already received $218,094 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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