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Kane County Reporter

Thursday, April 25, 2024

Former state university employee Hansen paid in $2K to pension fund, could collect $115K in retirement

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Former state university employee Lawrence Hansen, who retired in May 2017, saved $2,218 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hansen would collect as much as $115,328, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Hansen received $2,424 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Hansen will have already received $2,424 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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