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McLean County Times

Friday, November 1, 2024

Former state university employee Howard paid in $64K to pension fund, could collect $1.24M in retirement

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Former state university employee Vivian Howard, who retired in November 2018, saved $64,174 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Howard would collect as much as $1.24 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Howard received $25,968 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Howard will have already received $80,264 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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