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West Central Reporter

Friday, April 19, 2024

Former state university employee Solomonson paid in $106K to pension fund, could collect $2.05M in retirement

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Former state university employee Glen Solomonson, who retired in January 2019, saved $106,482 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Solomonson would collect as much as $2.05 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Solomonson received $43,044 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Solomonson will have already received $133,044 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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