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DeKalb Times

Saturday, November 23, 2024

Former state university employee Shumow paid in $134K to pension fund, could collect $2.71M in retirement

Money041

Former state university employee Lee Shumow, who retired in September 2016, saved $134,132 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Shumow would collect as much as $2.71 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Shumow received $56,934 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Shumow will have already received $175,977 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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