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Chambana Sun

Sunday, November 24, 2024

Former state university employee Litchfield paid in $235K to pension fund, could collect $6.25M in retirement

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Former state university employee J. Litchfield, who retired in June 2017, saved $235,362 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Litchfield would collect as much as $6.25 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Litchfield received $131,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Litchfield will have already received $266,872 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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