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West Central Reporter

Thursday, April 25, 2024

Former state university employee Carter paid in $63K to pension fund, could collect $2.07M in retirement

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Former state university employee Carole Carter, who retired in January 2016, saved $63,422 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carter would collect as much as $2.07 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Carter received $43,455 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Carter will have already received $88,214 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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