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Metro East Sun

Friday, April 19, 2024

Former state university employee McLaurin paid in $5K to pension fund, could collect $108K in retirement

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Former state university employee Phillip McLaurin, who retired in December 2018, saved $4,717 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McLaurin would collect as much as $107,901, according to a projection by Local Government Information Services (LGIS), which publishes Metro East Sun.

The projection assumes McLaurin received $2,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McLaurin will have already received $7,010 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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