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DeKalb Times

Sunday, November 17, 2024

Former state university employee Miller paid in $38K to pension fund, could collect $551K in retirement

Money 05

Former state university employee Marsha Miller, who retired in June 2018, saved $37,955 toward a pension over 20 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Miller would collect as much as $550,632, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Miller received $11,573 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Miller will have already received $48,417 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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