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Carbondale Reporter

Thursday, April 25, 2024

Former state university employee Sullivan paid in $163K to pension fund, could collect $3.91M in retirement

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Former state university employee Mary Sullivan, who retired in July 2018, saved $162,543 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sullivan would collect as much as $3.91 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Sullivan received $82,204 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sullivan will have already received $166,874 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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