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Metro East Sun

Tuesday, May 7, 2024

Former state university employee Alexander paid in $9K to pension fund, could collect $214K in retirement

Money272

Former state university employee Steven Alexander, who retired in July 2018, saved $8,985 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Alexander would collect as much as $214,083, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Alexander received $4,499 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Alexander will have already received $9,133 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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