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Metro East Sun

Sunday, May 19, 2024

Former state university employee Bagent paid in $50K to pension fund, could collect $1.3M in retirement

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Former state university employee Jane Bagent, who retired in January 2016, saved $50,383 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bagent would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes Bagent received $27,372 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bagent will have already received $55,565 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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