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Chambana Sun

Wednesday, April 24, 2024

Former state university employee Hamlin paid in $50K to pension fund, could collect $785K in retirement

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Former state university employee Lawrence Hamlin, who retired in January 2016, saved $50,330 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hamlin would collect as much as $785,188, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hamlin received $16,504 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hamlin will have already received $51,012 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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