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Galesburg Reporter

Friday, April 4, 2025

Former state university employee Duncan paid in $20K to pension fund, could collect $377K in retirement

Money 04

Former state university employee Carlos Duncan, who retired in January 2016, saved $19,717 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Duncan would collect as much as $376,831, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Duncan received $7,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Duncan will have already received $24,481 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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