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DeKalb Times

Sunday, November 17, 2024

Former state university employee Sinason paid in $284K to pension fund, could collect $5.09M in retirement

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Former state university employee David Sinason, who retired in June 2018, saved $283,930 toward a pension over 23 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sinason would collect as much as $5.09 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Sinason received $107,072 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Sinason will have already received $330,949 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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