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Chambana Sun

Monday, November 25, 2024

Former state university employee Duncan Flowers paid in $137K to pension fund, could collect $2.17M in retirement

Money 01

Former state university employee Maggie Duncan Flowers, who retired in June 2017, saved $136,501 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Duncan Flowers would collect as much as $2.17 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Duncan Flowers received $45,626 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duncan Flowers will have already received $141,026 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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