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South Cook News

Wednesday, April 24, 2024

Former state university employee Rollings paid in $59K to pension fund, could collect $937K in retirement

Money 06

Former state university employee Randy Rollings, who retired in December 2016, saved $59,147 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rollings would collect as much as $937,317, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Rollings received $19,701 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rollings will have already received $60,894 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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