Prairie State Wire

Prairie State Wire

Tuesday, November 19, 2019

Former state university employee Anderson paid in $156K to pension fund, could collect $3.4M in retirement

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By Local Labs News Service | Jan 1, 2019

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Former state university employee Karen Anderson, who retired in December 2018, saved $156,495 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Anderson would collect as much as $3.4 million, according to a projection by Local Government Information Services (LGIS), which publishes Prairie State Wire.

The projection assumes Anderson received $71,424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Anderson will have already received $220,765 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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