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Carbondale Reporter

Thursday, April 18, 2024

Former state university employee Sanders paid in $11K to pension fund, could collect $378K in retirement

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Former state university employee Charles Sanders, who retired in February 2017, saved $10,582 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sanders would collect as much as $377,522, according to a projection by Local Government Information Services (LGIS), which publishes Carbondale Reporter.

The projection assumes Sanders received $7,935 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sanders will have already received $16,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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