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Illinois Valley Times

Wednesday, December 25, 2024

Former state university employee Hurlbut paid in $39K to pension fund, could collect $738K in retirement

Money041

Former state university employee Ronald Hurlbut, who retired in July 2016, saved $39,068 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hurlbut would collect as much as $737,574, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Hurlbut received $15,503 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hurlbut will have already received $47,918 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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