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DeKalb Times

Sunday, November 17, 2024

Former state university employee Haque paid in $102K to pension fund, could collect $2.15M in retirement

Money272

Former state university employee Fareed Haque, who retired in June 2018, saved $102,180 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haque would collect as much as $2.15 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Haque received $45,278 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Haque will have already received $139,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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