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Illinois Valley Times

Wednesday, December 25, 2024

Former state university employee Corrigan paid in $43K to pension fund, could collect $880K in retirement

Money 08

Former state university employee Joann Corrigan, who retired in July 2016, saved $42,941 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Corrigan would collect as much as $879,838, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Corrigan received $18,493 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Corrigan will have already received $57,160 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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