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Chambana Sun

Monday, November 25, 2024

Former state university employee Rudd paid in $48K to pension fund, could collect $726K in retirement

Money041

Former state university employee Nick Rudd, who retired in July 2017, saved $47,719 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rudd would collect as much as $725,928, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Rudd received $15,258 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Rudd will have already received $63,834 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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