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North Egypt News

Friday, November 8, 2024

Former state university employee White paid in $1K to pension fund, could collect $106K in retirement

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Former state university employee Sharon White, who retired in July 2016, saved $1,163 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, White would collect as much as $106,068, according to a projection by Local Government Information Services (LGIS), which publishes North Egypt News.

The projection assumes White received $2,229 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, White will have already received $2,229 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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