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Chambana Sun

Wednesday, November 27, 2024

Former state university employee Campbell paid in $63K to pension fund, could collect $1.43M in retirement

Money 06

Former state university employee Rebecca Campbell, who retired in April 2017, saved $63,219 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Campbell would collect as much as $1.43 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Campbell received $30,060 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Campbell will have already received $92,913 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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