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Carbondale Reporter

Sunday, November 24, 2024

Former state university employee Johnson paid in $20K to pension fund, could collect $412K in retirement

Money272

Former state university employee Rosalind Johnson, who retired in May 2016, saved $19,900 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $411,593, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Johnson received $8,651 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Johnson will have already received $26,740 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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