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McLean County Times

Tuesday, November 26, 2024

Former state university employee Camp paid in $78K to pension fund, could collect $1.27M in retirement

Money272

Former state university employee Stanley Camp, who retired in January 2016, saved $78,495 toward a pension over 14 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Camp would collect as much as $1.27 million, according to a projection by Local Government Information Services (LGIS), which publishes McLean County Times.

The projection assumes Camp received $26,693 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Camp will have already received $82,506 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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