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Chambana Sun

Thursday, April 18, 2024

Former state university employee Colwell paid in $117K to pension fund, could collect $2.15M in retirement

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Former state university employee Kim Colwell, who retired in February 2019, saved $116,994 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Colwell would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Colwell received $45,180 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Colwell will have already received $139,646 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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