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DeKalb Times

Sunday, November 24, 2024

Former state university employee Hall paid in $75K to pension fund, could collect $1.89M in retirement

Money 07

Former state university employee Kelly Hall, who retired in April 2017, saved $75,392 toward a pension over 15 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hall would collect as much as $1.89 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hall received $39,751 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Hall will have already received $80,695 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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