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Chambana Sun

Sunday, November 24, 2024

Former state university employee Campbell paid in $8K to pension fund, could collect $582K in retirement

Money 04

Former state university employee Sally Campbell, who retired in June 2017, saved $8,215 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Campbell would collect as much as $581,700, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Campbell received $12,226 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Campbell will have already received $12,226 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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