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DeKalb Times

Sunday, November 24, 2024

Former state university employee Caron paid in $88K to pension fund, could collect $1.76M in retirement

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Former state university employee Teresa Caron, who retired in August 2017, saved $88,149 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Caron would collect as much as $1.76 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Caron received $37,062 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Caron will have already received $114,555 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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