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DeKalb Times

Friday, November 22, 2024

Former state university employee Stoddard paid in $119K to pension fund, could collect $3.38M in retirement

Money 06

Former state university employee Paul Stoddard, who retired in January 2018, saved $119,098 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Stoddard would collect as much as $3.38 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Stoddard received $70,987 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Stoddard will have already received $144,104 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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