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Kane County Reporter

Friday, April 19, 2024

Former state university employee Lewis paid in $256K to pension fund, could collect $2.59M in retirement

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Former state university employee Keith Lewis, who retired in June 2018, saved $255,754 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lewis would collect as much as $2.59 million, according to a projection by Local Government Information Services (LGIS), which publishes Kane County Reporter.

The projection assumes Lewis received $54,511 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Lewis will have already received $289,404 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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