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McLean County Times

Wednesday, April 24, 2024

Former state university employee Short paid in $88K to pension fund, could collect $1.92M in retirement

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Former state university employee Frank Short, who retired in June 2018, saved $88,378 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Short would collect as much as $1.92 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Short received $40,339 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Short will have already received $124,683 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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