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Chambana Sun

Monday, November 25, 2024

Former state university employee Seniff paid in $44K to pension fund, could collect $1.63M in retirement

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Former state university employee Matthew Seniff, who retired in June 2017, saved $43,724 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Seniff would collect as much as $1.63 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Seniff received $34,257 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Seniff will have already received $69,542 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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