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North Egypt News

Thursday, November 7, 2024

Former state university employee Birkner paid in $7K to pension fund, could collect $97K in retirement

Money 06

Former state university employee Cindy Birkner, who retired in October 2017, saved $6,683 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Birkner would collect as much as $96,705, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Birkner received $2,032 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Birkner will have already received $8,502 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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