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West Central Reporter

Friday, April 26, 2024

Former state university employee Todd paid in $2K to pension fund, could collect $41K in retirement

Money 03

Former state university employee Carolyn Todd, who retired in September 2017, saved $1,777 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Todd would collect as much as $40,534, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Todd received $852 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Todd will have already received $2,634 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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