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Rock Island Today

Friday, November 22, 2024

Former state university employee Goodwin paid in $8K to pension fund, could collect $109K in retirement

Money041

Former state university employee James Goodwin, who retired in June 2016, saved $8,125 toward a pension over 8 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Goodwin would collect as much as $109,054, according to a projection by Local Government Information Services (LGIS), which publishes Rock Island Today.

The projection assumes Goodwin received $2,292 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Goodwin will have already received $9,590 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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