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Carbondale Reporter

Monday, May 20, 2024

Former state university employee Abell paid in $22K to pension fund, could collect $417K in retirement

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Former state university employee Larry Abell, who retired in January 2016, saved $21,532 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Abell would collect as much as $416,886, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Abell received $8,762 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Abell will have already received $27,083 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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