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DeKalb Times

Friday, November 15, 2024

Former state university employee Elliott paid in $119K to pension fund, could collect $2.47M in retirement

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Former state university employee Kenneth Elliott, who retired in September 2018, saved $119,328 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Elliott would collect as much as $2.47 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Elliott received $51,969 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Elliott will have already received $160,631 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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