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DeKalb Times

Saturday, November 23, 2024

Former state university employee Ridge paid in $81K to pension fund, could collect $3.41M in retirement

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Former state university employee Patricia Ridge, who retired in June 2016, saved $80,526 toward a pension over 17 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Ridge would collect as much as $3.41 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Ridge received $71,668 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Ridge will have already received $145,486 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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