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DeKalb Times

Sunday, November 24, 2024

Former state university employee Swanson paid in $124K to pension fund, could collect $2.24M in retirement

Money 01

Former state university employee Diana Swanson, who retired in January 2019, saved $124,000 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Swanson would collect as much as $2.24 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Swanson received $47,004 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Swanson will have already received $145,284 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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