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DeKalb Times

Sunday, November 24, 2024

Former state university employee Hayenga paid in $75K to pension fund, could collect $1.45M in retirement

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Former state university employee Gail Hayenga, who retired in February 2018, saved $75,466 toward a pension over 27 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hayenga would collect as much as $1.45 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hayenga received $30,580 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hayenga will have already received $94,519 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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