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DeKalb Times

Sunday, November 24, 2024

Former state university employee Cheng paid in $13K to pension fund, could collect $795K in retirement

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Former state university employee Mariah Cheng, who retired in February 2018, saved $12,536 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Cheng would collect as much as $795,173, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Cheng received $16,713 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 1 years of retirement, Cheng will have already received $16,713 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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