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DeKalb Times

Friday, November 15, 2024

Former state university employee Kang paid in $41K to pension fund, could collect $1.17M in retirement

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Former state university employee Choo Kang, who retired in September 2018, saved $41,395 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Kang would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Kang received $24,569 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Kang will have already received $49,875 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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