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Carbondale Reporter

Saturday, November 23, 2024

Former state university employee McAnelly paid in $29K to pension fund, could collect $375K in retirement

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Former state university employee Kenneth McAnelly, who retired in June 2017, saved $28,851 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McAnelly would collect as much as $375,398, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes McAnelly received $7,890 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, McAnelly will have already received $33,010 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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