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East Central Reporter

Tuesday, April 23, 2024

Former state university employee Stevens paid in $68K to pension fund, could collect $1.21M in retirement

Money272

Former state university employee Robert Stevens, who retired in June 2018, saved $68,046 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stevens would collect as much as $1.21 million, according to a projection by Local Government Information Services (LGIS), which publishes East Central Reporter.

The projection assumes Stevens received $25,440 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Stevens will have already received $78,632 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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