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Galesburg Reporter

Tuesday, December 24, 2024

Former state university employee Culbertson paid in $88K to pension fund, could collect $1.82M in retirement

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Former state university employee Vickie Culbertson, who retired in July 2016, saved $87,860 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Culbertson would collect as much as $1.82 million, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Culbertson received $38,196 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Culbertson will have already received $118,060 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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