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South Central Reporter

Sunday, November 24, 2024

Former state university employee Humphrey paid in $8K to pension fund, could collect $140K in retirement

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Former state university employee Barbara Humphrey, who retired in January 2016, saved $7,688 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Humphrey would collect as much as $139,985, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Humphrey received $2,942 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Humphrey will have already received $9,093 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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