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Chambana Sun

Monday, November 25, 2024

Former state university employee Benson paid in $16K to pension fund, could collect $260K in retirement

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Former state university employee Keith Benson, who retired in October 2018, saved $15,670 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Benson would collect as much as $259,955, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Benson received $5,464 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Benson will have already received $16,889 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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