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Carbondale Reporter

Thursday, May 2, 2024

Former state university employee Langan paid in $79K to pension fund, could collect $1.55M in retirement

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Former state university employee Michael Langan, who retired in January 2016, saved $79,075 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Langan would collect as much as $1.55 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Langan received $32,499 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Langan will have already received $100,451 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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