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Illinois Valley Times

Monday, May 20, 2024

Former state university employee Immel paid in $26K to pension fund, could collect $337K in retirement

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Former state university employee John Immel, who retired in April 2016, saved $25,585 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Immel would collect as much as $337,330, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Immel received $7,090 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Immel will have already received $29,663 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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