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Macon Reporter

Monday, December 23, 2024

Former state university employee Diggs paid in $100K to pension fund, could collect $1.53M in retirement

Money 07

Former state university employee Michael Diggs, who retired in May 2017, saved $99,877 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Diggs would collect as much as $1.53 million, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Diggs received $32,126 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Diggs will have already received $134,404 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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