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Chambana Sun

Saturday, November 23, 2024

Former state university employee Cruz paid in $14K to pension fund, could collect $316K in retirement

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Former state university employee Susan Cruz, who retired in November 2017, saved $13,655 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cruz would collect as much as $315,619, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Cruz received $6,634 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Cruz will have already received $20,505 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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