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DeKalb Times

Sunday, November 24, 2024

Former state university employee Allen paid in $64K to pension fund, could collect $1.17M in retirement

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Former state university employee Theresa Allen, who retired in August 2017, saved $64,208 toward a pension over 21 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Allen would collect as much as $1.17 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Allen received $24,582 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Allen will have already received $75,980 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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