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Carbondale Reporter

Monday, December 23, 2024

Former state university employee Phillips paid in $186K to pension fund, could collect $5.44M in retirement

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Former state university employee Debra Phillips, who retired in July 2017, saved $185,898 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $5.44 million, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Phillips received $114,444 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Phillips will have already received $232,321 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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