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DeKalb Times

Friday, November 22, 2024

Former state university employee Hammond paid in $127K to pension fund, could collect $2.72M in retirement

Money 05

Former state university employee Sabrina Hammond, who retired in January 2018, saved $126,960 toward a pension over 26 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hammond would collect as much as $2.72 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hammond received $57,209 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Hammond will have already received $176,827 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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