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DeKalb Times

Monday, April 29, 2024

Former state university employee Marx paid in $76K to pension fund, could collect $1.49M in retirement

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Former state university employee John Marx, who retired in May 2016, saved $76,215 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Marx would collect as much as $1.49 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Marx received $31,318 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Marx will have already received $96,802 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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