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Rockford Sun

Thursday, April 18, 2024

Former state university employee Westergren paid in $64K to pension fund, could collect $1.02M in retirement

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Former state university employee Franklin Westergren, who retired in December 2018, saved $64,021 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Westergren would collect as much as $1.02 million, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Westergren received $21,348 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Westergren will have already received $65,984 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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