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Chambana Sun

Tuesday, April 29, 2025

Former state university employee Harrell paid in $123K to pension fund, could collect $2.3M in retirement

Money 07

Former state university employee Jan Harrell, who retired in January 2019, saved $122,723 toward a pension over 36 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harrell would collect as much as $2.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Harrell received $48,324 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harrell will have already received $149,365 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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