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Chambana Sun

Friday, April 19, 2024

Former state university employee Reeves paid in $6K to pension fund, could collect $540K in retirement

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Former state university employee Sharon Reeves, who retired in December 2016, saved $5,622 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reeves would collect as much as $540,338, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Reeves received $11,357 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Reeves will have already received $11,357 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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