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DeKalb Times

Sunday, November 24, 2024

Former state university employee Hendrickson paid in $53K to pension fund, could collect $575K in retirement

Money 06

Former state university employee Judy Hendrickson, who retired in July 2017, saved $53,427 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hendrickson would collect as much as $574,650, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hendrickson received $12,078 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Hendrickson will have already received $64,121 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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