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Chambana Sun

Monday, November 25, 2024

Former state university employee Jean paid in $16K to pension fund, could collect $747K in retirement

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Former state university employee Julia Jean, who retired in October 2018, saved $16,355 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jean would collect as much as $747,314, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Jean received $15,708 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Jean will have already received $31,887 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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