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Galesburg Reporter

Wednesday, December 25, 2024

Former state university employee Miller paid in $110K to pension fund, could collect $2.59M in retirement

Money 06

Former state university employee Debra Miller, who retired in March 2017, saved $109,851 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Miller received $54,419 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Miller will have already received $110,471 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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