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West Cook News

Monday, November 25, 2024

Former state university employee Sargent paid in $117K to pension fund, could collect $2.96M in retirement

Money 04

Former state university employee Jeffrey Sargent, who retired in January 2016, saved $117,003 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sargent would collect as much as $2.96 million, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Sargent received $62,168 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sargent will have already received $126,201 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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