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West Central Reporter

Wednesday, November 27, 2024

Former state university employee David paid in $63K to pension fund, could collect $1.26M in retirement

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Former state university employee Christopher David, who retired in October 2016, saved $62,868 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, David would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes David received $26,469 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, David will have already received $81,813 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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