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Chambana Sun

Saturday, November 23, 2024

Former state university employee Johnson paid in $62K to pension fund, could collect $1.29M in retirement

Money 04

Former state university employee Sharon Johnson, who retired in October 2016, saved $62,220 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $1.29 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Johnson received $27,174 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $83,992 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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