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Chambana Sun

Friday, April 26, 2024

Former state university employee Walton paid in $115K to pension fund, could collect $2.24M in retirement

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Former state university employee Roy Walton, who retired in June 2017, saved $115,060 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Walton would collect as much as $2.24 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Walton received $47,001 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Walton will have already received $145,275 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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