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Chambana Sun

Monday, November 25, 2024

Former state university employee Franklin paid in $37K to pension fund, could collect $502K in retirement

Money 03

Former state university employee Jeanne Franklin, who retired in October 2018, saved $36,996 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Franklin would collect as much as $502,396, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Franklin received $10,560 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Franklin will have already received $44,179 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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