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South Central Reporter

Tuesday, November 12, 2024

Former state university employee Gordon paid in $24K to pension fund, could collect $629K in retirement

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Former state university employee Darrel Gordon, who retired in June 2016, saved $23,732 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Gordon would collect as much as $629,222, according to a projection by Local Government Information Services (LGIS), which publishes South Central Reporter.

The projection assumes Gordon received $13,225 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Gordon will have already received $26,847 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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