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Chambana Sun

Monday, November 25, 2024

Former state university employee Harrington paid in $205K to pension fund, could collect $3.32M in retirement

Money 07

Former state university employee Walter Harrington, who retired in June 2016, saved $205,102 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Harrington would collect as much as $3.32 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Harrington received $69,726 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Harrington will have already received $215,517 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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