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Chambana Sun

Monday, November 25, 2024

Former state university employee Henderson paid in $8K to pension fund, could collect $554K in retirement

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Former state university employee Demetria Henderson, who retired in October 2018, saved $8,312 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Henderson would collect as much as $554,491, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Henderson received $11,655 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Henderson will have already received $11,655 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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