Former state university employee Medavaram paid in $2K to pension fund, could collect $96K in retirement

By East Central Reporter Reports

May 1, 2016

Former state university employee Lakshman Medavaram, who retired in April 2016, saved $2,333 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Medavaram would collect as much as $96,100, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Medavaram received $2,019 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Medavaram will have already received $4,099 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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