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DeKalb Times

Sunday, November 24, 2024

Former state university employee Alsup paid in $56K to pension fund, could collect $1.23M in retirement

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Former state university employee Barbara Alsup, who retired in July 2017, saved $55,765 toward a pension over 28 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Alsup would collect as much as $1.23 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Alsup received $25,759 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Alsup will have already received $79,619 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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