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Macon Reporter

Monday, December 23, 2024

Former state university employee Motor paid in $53K to pension fund, could collect $658K in retirement

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Former state university employee Michael Motor, who retired in June 2016, saved $52,558 toward a pension over 4 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Motor would collect as much as $657,962, according to a projection by Local Government Information Services (LGIS), which publishes Macon Reporter.

The projection assumes Motor received $13,829 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Motor will have already received $57,855 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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