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West Central Reporter

Friday, April 19, 2024

Former state university employee Eastman paid in $51K to pension fund, could collect $996K in retirement

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Former state university employee Candace Eastman, who retired in January 2018, saved $50,912 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eastman would collect as much as $995,852, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Eastman received $20,932 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Eastman will have already received $64,699 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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