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Chambana Sun

Monday, November 25, 2024

Former state university employee Johnson paid in $134K to pension fund, could collect $2.4M in retirement

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Former state university employee Duane Johnson, who retired in July 2017, saved $133,685 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $2.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnson received $50,540 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $156,214 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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