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DeKalb Times

Monday, November 18, 2024

Former state university employee Bolino paid in $4K to pension fund, could collect $84K in retirement

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Former state university employee Joseph Bolino, who retired in April 2018, saved $3,574 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Bolino would collect as much as $84,060, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Bolino received $1,766 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Bolino will have already received $3,585 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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