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Chambana Sun

Wednesday, November 27, 2024

Former state university employee Allhands paid in $59K to pension fund, could collect $1.02M in retirement

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Former state university employee Linda Allhands, who retired in April 2017, saved $59,024 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allhands would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Allhands received $21,527 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Allhands will have already received $66,538 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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