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Carbondale Reporter

Monday, December 23, 2024

Former state university employee Rudolph paid in $34K to pension fund, could collect $794K in retirement

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Former state university employee Charles Rudolph, who retired in June 2016, saved $34,422 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rudolph would collect as much as $793,831, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Rudolph received $16,685 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rudolph will have already received $51,573 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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