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DeKalb Times

Monday, November 25, 2024

Former state university employee Jaffee paid in $63K to pension fund, could collect $941K in retirement

Money 01

Former state university employee Barbara Jaffee, who retired in January 2017, saved $62,688 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jaffee would collect as much as $940,760, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Jaffee received $19,774 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Jaffee will have already received $82,726 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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