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Chambana Sun

Sunday, November 24, 2024

Former state university employee Lamb paid in $51K to pension fund, could collect $1.1M in retirement

Money 06

Former state university employee Sharon Lamb, who retired in June 2017, saved $50,929 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lamb would collect as much as $1.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Lamb received $23,036 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Lamb will have already received $71,202 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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