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West Central Reporter

Thursday, April 25, 2024

Former state university employee Day paid in $89K to pension fund, could collect $1.83M in retirement

Money 05

Former state university employee Mary Day, who retired in January 2016, saved $89,443 toward a pension over 34 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Day would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Day received $38,513 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Day will have already received $119,039 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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