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North Egypt News

Friday, November 15, 2024

Former state university employee Huie paid in $71K to pension fund, could collect $1.61M in retirement

Money 08

Former state university employee Jean Huie, who retired in July 2018, saved $71,423 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Huie would collect as much as $1.61 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Huie received $33,866 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Huie will have already received $104,676 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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