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Will County Gazette

Monday, November 25, 2024

Former state university employee Sawin paid in $815 to pension fund, could collect $316K in retirement

Money 04

Former state university employee Ronald Sawin, who retired in May 2016, saved $815 toward a pension over 2 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sawin would collect as much as $316,446, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Sawin received $6,651 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Sawin will have already received $6,651 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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