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North Egypt News

Friday, November 8, 2024

Former state university employee Grounds paid in $116K to pension fund, could collect $2.04M in retirement

Money 05

Former state university employee Tina Grounds, who retired in June 2017, saved $116,448 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Grounds would collect as much as $2.04 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Grounds received $42,887 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Grounds will have already received $132,560 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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