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Carbondale Reporter

Wednesday, November 27, 2024

Former state university employee English paid in $144K to pension fund, could collect $3.05M in retirement

Money 01

Former state university employee Robert English, who retired in August 2018, saved $144,402 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, English would collect as much as $3.05 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes English received $64,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, English will have already received $198,208 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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