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Illinois Valley Times

Friday, May 31, 2024

Former state university employee Warren paid in $28K to pension fund, could collect $529K in retirement

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Former state university employee Mary Warren, who retired in January 2016, saved $28,193 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Warren would collect as much as $529,257, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Warren received $11,124 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Warren will have already received $34,384 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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