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Carbondale Reporter

Tuesday, April 23, 2024

Former state university employee Hooper paid in $8K to pension fund, could collect $260K in retirement

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Former state university employee George Hooper, who retired in November 2016, saved $8,329 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hooper would collect as much as $260,389, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Hooper received $5,473 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hooper will have already received $11,110 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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