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DeKalb Times

Friday, November 22, 2024

Former state university employee McFarland paid in $48K to pension fund, could collect $871K in retirement

Money041

Former state university employee Joseph McFarland, who retired in September 2016, saved $47,951 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, McFarland would collect as much as $870,578, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes McFarland received $18,298 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, McFarland will have already received $56,557 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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