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DeKalb Times

Monday, November 25, 2024

Former state university employee Scott paid in $75K to pension fund, could collect $1.26M in retirement

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Former state university employee Mark Scott, who retired in November 2018, saved $74,726 toward a pension over 33 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Scott would collect as much as $1.26 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Scott received $26,400 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Scott will have already received $81,600 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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