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Chambana Sun

Monday, November 25, 2024

Former state university employee Daniel paid in $4K to pension fund, could collect $58K in retirement

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Former state university employee Carolyn Daniel, who retired in June 2016, saved $3,548 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Daniel would collect as much as $58,066, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Daniel received $1,220 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Daniel will have already received $3,772 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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