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Rockford Sun

Thursday, November 28, 2024

Former state university employee Minnihan paid in $52K to pension fund, could collect $863K in retirement

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Former state university employee Jacqueline Minnihan, who retired in April 2018, saved $52,060 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Minnihan would collect as much as $862,882, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Minnihan received $18,137 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Minnihan will have already received $56,059 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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