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Chambana Sun

Sunday, November 24, 2024

Former state university employee Mesker paid in $139K to pension fund, could collect $3.26M in retirement

Money 01

Former state university employee Louis Mesker, who retired in April 2018, saved $138,851 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mesker would collect as much as $3.26 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Mesker received $68,570 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Mesker will have already received $139,197 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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