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Chambana Sun

Sunday, November 24, 2024

Former state university employee Francis paid in $43K to pension fund, could collect $715K in retirement

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Former state university employee Theo Anne Francis, who retired in May 2016, saved $42,964 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Francis would collect as much as $715,309, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Francis received $15,035 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Francis will have already received $46,472 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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