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DeKalb Times

Saturday, November 23, 2024

Former state university employee Pearson paid in $44K to pension fund, could collect $1M in retirement

Money759

Former state university employee Mary Pearson, who retired in November 2016, saved $44,195 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Pearson would collect as much as $1 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Pearson received $21,093 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Pearson will have already received $65,197 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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