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Chambana Sun

Sunday, November 24, 2024

Former state university employee Conley paid in $68K to pension fund, could collect $2.1M in retirement

Money 03

Former state university employee John Conley, who retired in June 2017, saved $68,086 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Conley would collect as much as $2.1 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Conley received $44,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Conley will have already received $89,767 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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