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Illinois Valley Times

Thursday, December 26, 2024

Former state university employee Jones paid in $55K to pension fund, could collect $1.02M in retirement

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Former state university employee Glenna Jones, who retired in May 2017, saved $54,587 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Jones received $21,402 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $66,151 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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