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Chambana Sun

Friday, April 26, 2024

Former state university employee Taylor paid in $107K to pension fund, could collect $1.83M in retirement

Money041

Former state university employee Steven Taylor, who retired in August 2017, saved $106,906 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Taylor would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Taylor received $38,409 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Taylor will have already received $118,718 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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