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Chambana Sun

Tuesday, April 16, 2024

Former state university employee Johnson paid in $17K to pension fund, could collect $964K in retirement

Money759

Former state university employee Michael Johnson, who retired in December 2018, saved $16,965 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $964,258, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnson received $20,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Johnson will have already received $20,268 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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