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Wednesday, February 26, 2020

Former state university employee Blagen paid in $30K to pension fund, could collect $447K in retirement

Schools

By Local Labs News Service | Aug 1, 2016

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Former state university employee Mark Blagen, who retired in July 2016, saved $29,572 toward a pension over 6 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Blagen would collect as much as $447,304, according to a projection by Local Government Information Services (LGIS), which publishes South Cook News.

The projection assumes Blagen received $9,402 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Blagen will have already received $39,335 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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