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DeKalb Times

Sunday, November 24, 2024

Former state university employee Street paid in $61K to pension fund, could collect $824K in retirement

Money272

Former state university employee Paul Street, who retired in February 2018, saved $60,548 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Street would collect as much as $823,918, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Street received $17,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Street will have already received $72,453 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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