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DeKalb Times

Sunday, November 17, 2024

Former state university employee Schoo paid in $50K to pension fund, could collect $1.18M in retirement

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Former state university employee Patti Schoo, who retired in June 2018, saved $50,155 toward a pension over 31 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Schoo would collect as much as $1.18 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Schoo received $24,871 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Schoo will have already received $50,488 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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