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Carbondale Reporter

Tuesday, December 24, 2024

Former state university employee Clark paid in $120K to pension fund, could collect $2.28M in retirement

Money 07

Former state university employee Thomas Clark, who retired in July 2017, saved $119,596 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clark would collect as much as $2.28 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Clark received $47,876 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clark will have already received $147,979 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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