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DeKalb Times

Monday, November 18, 2024

Former state university employee Haapoja paid in $63K to pension fund, could collect $1.83M in retirement

Money 05

Former state university employee Thomas Haapoja, who retired in March 2018, saved $62,614 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Haapoja would collect as much as $1.83 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Haapoja received $38,548 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Haapoja will have already received $78,252 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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