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Rock Island Today

Saturday, April 20, 2024

Former state university employee Eastlund paid in $85K to pension fund, could collect $3.35M in retirement

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Former state university employee Joan Eastlund, who retired in July 2016, saved $84,580 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Eastlund would collect as much as $3.35 million, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Eastlund received $70,323 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Eastlund will have already received $142,756 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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