Former state university employee Strand paid in $67K to pension fund, could collect $1.7M in retirement

By Rock Island Today Reports

Feb 1, 2016

Former state university employee Doris Strand, who retired in January 2016, saved $66,568 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Strand would collect as much as $1.7 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Strand received $35,813 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Strand will have already received $72,700 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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