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Kane County Reporter

Tuesday, April 23, 2024

Former state university employee Bennett paid in $20K to pension fund, could collect $393K in retirement

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Former state university employee George Bennett, who retired in January 2019, saved $20,421 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bennett would collect as much as $393,353, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Bennett received $8,268 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Bennett will have already received $25,555 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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