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West Central Reporter

Tuesday, April 16, 2024

Former state university employee Tingley paid in $50K to pension fund, could collect $1.08M in retirement

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Former state university employee Larry Tingley, who retired in January 2016, saved $49,832 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tingley would collect as much as $1.08 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Tingley received $22,684 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tingley will have already received $70,115 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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