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Chambana Sun

Friday, April 19, 2024

Former state university employee Benner paid in $79K to pension fund, could collect $1.58M in retirement

Money 03

Former state university employee Penny Benner, who retired in October 2018, saved $78,689 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Benner would collect as much as $1.58 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Benner received $33,125 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Benner will have already received $102,387 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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