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DeKalb Times

Friday, November 22, 2024

Former state university employee Ortega paid in $66K to pension fund, could collect $1.19M in retirement

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Former state university employee Victoria Ortega, who retired in August 2017, saved $65,789 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ortega would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Ortega received $24,920 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Ortega will have already received $77,026 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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