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Illinois Valley Times

Monday, November 25, 2024

Former state university employee Latty paid in $32K to pension fund, could collect $631K in retirement

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Former state university employee Robert Latty, who retired in December 2016, saved $31,951 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Latty would collect as much as $630,918, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Latty received $13,261 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Latty will have already received $40,989 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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