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West Central Reporter

Saturday, April 20, 2024

Former state university employee Wright paid in $91K to pension fund, could collect $1.51M in retirement

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Former state university employee Charles Wright, who retired in July 2017, saved $91,323 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wright would collect as much as $1.51 million, according to a projection by Local Government Information Services (LGIS), which publishes West Central Reporter.

The projection assumes Wright received $31,733 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wright will have already received $98,084 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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