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Illinois Valley Times

Monday, November 25, 2024

Former state university employee Vanvooren paid in $611 to pension fund, could collect $39K in retirement

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Former state university employee Linda Vanvooren, who retired in May 2016, saved $611 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Vanvooren would collect as much as $38,930, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Vanvooren received $818 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Vanvooren will have already received $818 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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