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West Central Reporter

Tuesday, November 26, 2024

Former state university employee Burrows paid in $22K to pension fund, could collect $1.32M in retirement

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Former state university employee Dennis Burrows, who retired in January 2017, saved $22,214 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Burrows would collect as much as $1.32 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Burrows received $27,742 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Burrows will have already received $27,742 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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