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DeKalb Times

Sunday, November 24, 2024

Former state university employee Tom paid in $65K to pension fund, could collect $1.3M in retirement

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Former state university employee Richard Tom, who retired in December 2017, saved $64,521 toward a pension over 22 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Tom would collect as much as $1.3 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Tom received $27,347 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Tom will have already received $84,526 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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