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North Egypt News

Thursday, November 21, 2024

Former state university employee Adamson paid in $56K to pension fund, could collect $1.01M in retirement

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Former state university employee Michael Adamson, who retired in June 2016, saved $55,939 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Adamson would collect as much as $1.01 million, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes Adamson received $21,237 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Adamson will have already received $65,641 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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