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DeKalb Times

Monday, November 25, 2024

Former state university employee Rhodes paid in $52K to pension fund, could collect $841K in retirement

Money041

Former state university employee Kristi Rhodes, who retired in January 2017, saved $51,660 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Rhodes would collect as much as $840,703, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Rhodes received $17,670 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Rhodes will have already received $54,616 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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