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DeKalb Times

Monday, November 25, 2024

Former state university employee Von Zellen paid in $62K to pension fund, could collect $1.19M in retirement

Money 04

Former state university employee Mary Von Zellen, who retired in November 2018, saved $61,988 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Von Zellen would collect as much as $1.19 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Von Zellen received $25,080 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Von Zellen will have already received $77,519 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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