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Carbondale Reporter

Monday, December 23, 2024

Former state university employee Knowles paid in $165K to pension fund, could collect $4.37M in retirement

Money759

Former state university employee Lynette Knowles, who retired in July 2017, saved $164,749 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Knowles would collect as much as $4.37 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Knowles received $91,889 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Knowles will have already received $186,535 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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