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Chambana Sun

Monday, April 28, 2025

Former state university employee Solberg paid in $213K to pension fund, could collect $4.4M in retirement

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Former state university employee Joseph Solberg, who retired in August 2016, saved $212,715 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Solberg would collect as much as $4.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Solberg received $92,433 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Solberg will have already received $285,701 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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