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Chambana Sun

Monday, November 25, 2024

Former state university employee Benmamoun paid in $231K to pension fund, could collect $4.5M in retirement

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Former state university employee Elabbas Benmamoun, who retired in June 2017, saved $231,391 toward a pension over 24 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Benmamoun would collect as much as $4.5 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Benmamoun received $94,597 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Benmamoun will have already received $292,390 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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