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Galesburg Reporter

Tuesday, December 24, 2024

Former state university employee Johnson paid in $59K to pension fund, could collect $836K in retirement

Money 03

Former state university employee Cynthia Johnson, who retired in July 2016, saved $58,947 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Johnson would collect as much as $835,633, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Johnson received $17,564 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Johnson will have already received $73,482 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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