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Chambana Sun

Monday, November 25, 2024

Former state university employee Paul paid in $34K to pension fund, could collect $580K in retirement

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Former state university employee Chandrakumary Paul, who retired in July 2017, saved $34,253 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Paul would collect as much as $579,577, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Paul received $12,182 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Paul will have already received $37,652 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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