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Galesburg Reporter

Wednesday, November 6, 2024

Former state university employee Lambert paid in $6K to pension fund, could collect $43K in retirement

Money041

Former state university employee Harry Lambert, who retired in April 2018, saved $5,730 toward a pension over 7 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lambert would collect as much as $42,817, according to a projection by Local Government Information Services (LGIS), which publishes Galesburg Reporter.

The projection assumes Lambert received $900 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 6 years of retirement, Lambert will have already received $5,824 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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