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DeKalb Times

Friday, November 22, 2024

Former state university employee Phillips paid in $24K to pension fund, could collect $649K in retirement

Money 04

Former state university employee Charles Phillips, who retired in June 2016, saved $23,979 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Phillips would collect as much as $648,765, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Phillips received $13,636 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Phillips will have already received $27,681 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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