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West Central Reporter

Saturday, November 23, 2024

Former state university employee Reynolds paid in $45K to pension fund, could collect $1.4M in retirement

Money041

Former state university employee C. Reynolds, who retired in June 2016, saved $44,596 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Reynolds would collect as much as $1.4 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Reynolds received $29,405 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Reynolds will have already received $59,692 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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