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Chambana Sun

Friday, April 26, 2024

Former state university employee Witkin paid in $60K to pension fund, could collect $1.01M in retirement

Money 05

Former state university employee Susan Witkin, who retired in June 2018, saved $60,233 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Witkin would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Witkin received $21,212 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Witkin will have already received $65,563 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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