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Chambana Sun

Wednesday, November 27, 2024

Former state university employee Hammer paid in $22K to pension fund, could collect $377K in retirement

Money 04

Former state university employee Valli Hammer, who retired in April 2017, saved $21,766 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hammer would collect as much as $377,465, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Hammer received $7,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hammer will have already received $24,523 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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