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Will County Gazette

Thursday, April 25, 2024

Former state university employee Hudson paid in $215 to pension fund, could collect $52K in retirement

Money 03

Former state university employee Cornell Hudson, who retired in November 2017, saved $215 toward a pension over 1 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hudson would collect as much as $52,443, according to a projection by Local Government Information Services (LGIS), which publishes Will County Gazette.

The projection assumes Hudson received $1,102 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hudson will have already received $1,102 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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