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DeKalb Times

Friday, November 22, 2024

Former state university employee Davis paid in $93K to pension fund, could collect $1.97M in retirement

Money272

Former state university employee Jeffrey Davis, who retired in July 2018, saved $93,232 toward a pension over 30 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Davis would collect as much as $1.97 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Davis received $41,447 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Davis will have already received $128,108 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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