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Carbondale Reporter

Thursday, April 25, 2024

Former state university employee Greene paid in $12K to pension fund, could collect $980K in retirement

Money272

Former state university employee John Greene, who retired in March 2019, saved $11,985 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Greene would collect as much as $979,672, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Greene received $20,592 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Greene will have already received $20,592 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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