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Metro East Sun

Monday, November 25, 2024

Former state university employee Legate paid in $158K to pension fund, could collect $3.13M in retirement

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Former state university employee Robert Legate, who retired in October 2018, saved $158,346 toward a pension over 35 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Legate would collect as much as $3.13 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Legate received $65,712 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Legate will have already received $203,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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