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Illinois Valley Times

Wednesday, December 25, 2024

Former state university employee Paul paid in $1K to pension fund, could collect $17K in retirement

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Former state university employee Kristine Paul, who retired in October 2016, saved $1,407 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Paul would collect as much as $16,556, according to a projection by Local Government Information Services (LGIS), which publishes Illinois Valley Times.

The projection assumes Paul received $348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Paul will have already received $1,455 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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