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Chambana Sun

Sunday, November 24, 2024

Former state university employee Burns paid in $68K to pension fund, could collect $684K in retirement

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Former state university employee Marcia Burns, who retired in June 2017, saved $68,494 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burns would collect as much as $684,463, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Burns received $14,386 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Burns will have already received $76,381 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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