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West Central Reporter

Saturday, November 23, 2024

Former state university employee Hughes paid in $87K to pension fund, could collect $1.69M in retirement

Money272

Former state university employee Paul Hughes, who retired in June 2016, saved $86,763 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hughes would collect as much as $1.69 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Hughes received $35,574 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hughes will have already received $109,955 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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