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DeKalb Times

Monday, November 25, 2024

Former state university employee Clifton paid in $147K to pension fund, could collect $2.84M in retirement

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Former state university employee Karen Clifton, who retired in January 2017, saved $146,698 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clifton would collect as much as $2.84 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Clifton received $59,683 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Clifton will have already received $184,473 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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