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Carbondale Reporter

Monday, November 25, 2024

Former state university employee Doan paid in $29K to pension fund, could collect $541K in retirement

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Former state university employee Frank Doan, who retired in May 2017, saved $29,200 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Doan would collect as much as $540,578, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Doan received $11,362 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Doan will have already received $35,119 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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