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Rockford Sun

Thursday, December 26, 2024

Former state university employee Andeen paid in $9K to pension fund, could collect $193K in retirement

Money 07

Former state university employee Timothy Andeen, who retired in June 2017, saved $8,850 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Andeen would collect as much as $192,783, according to a projection by Local Government Information Services (LGIS), which publishes Rockford Sun.

The projection assumes Andeen received $4,052 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Andeen will have already received $12,525 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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