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Galesburg Reporter

Tuesday, December 24, 2024

Former state university employee Thomas paid in $5K to pension fund, could collect $440K in retirement

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Former state university employee Carl Thomas, who retired in October 2016, saved $5,396 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Thomas would collect as much as $439,785, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Thomas received $9,243 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Thomas will have already received $9,243 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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