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Chambana Sun

Saturday, November 23, 2024

Former state university employee Walden paid in $32K to pension fund, could collect $1.02M in retirement

Money759

Former state university employee Richard Walden, who retired in February 2018, saved $31,928 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walden would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Walden received $21,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Walden will have already received $43,481 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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