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Chambana Sun

Saturday, November 23, 2024

Former state university employee Allen paid in $30K to pension fund, could collect $313K in retirement

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Former state university employee Cara Allen, who retired in February 2018, saved $30,078 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allen would collect as much as $312,941, according to a projection by Local Government Information Services (LGIS), which publishes Chambana Sun.

The projection assumes Allen received $6,577 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Allen will have already received $34,916 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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