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Carbondale Reporter

Wednesday, May 8, 2024

Former state university employee Norman paid in $18K to pension fund, could collect $337K in retirement

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Former state university employee Carol Norman, who retired in January 2016, saved $17,829 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Norman would collect as much as $336,548, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Norman received $7,074 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Norman will have already received $21,865 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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