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Carbondale Reporter

Saturday, April 20, 2024

Former state university employee Long paid in $1K to pension fund, could collect $21K in retirement

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Former state university employee Joanne Long, who retired in April 2017, saved $1,331 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Long would collect as much as $21,488, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Long received $451 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Long will have already received $1,395 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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