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Chambana Sun

Monday, November 25, 2024

Former state university employee Knowles paid in $92K to pension fund, could collect $1.63M in retirement

Money 01

Former state university employee Julie Knowles, who retired in June 2016, saved $91,617 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Knowles 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 Knowles received $34,274 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Knowles will have already received $105,937 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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