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West Central Reporter

Thursday, April 18, 2024

Former state university employee Martin paid in $25K to pension fund, could collect $452K in retirement

Money 01

Former state university employee Mary Martin, who retired in July 2017, saved $24,964 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Martin would collect as much as $451,808, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Martin received $9,496 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Martin will have already received $29,351 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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