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Carbondale Reporter

Friday, April 26, 2024

Former state university employee Carter paid in $77K to pension fund, could collect $1.36M in retirement

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Former state university employee Kim Carter, who retired in March 2017, saved $76,647 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Carter would collect as much as $1.36 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Carter received $28,506 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Carter will have already received $88,109 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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