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DeKalb Times

Monday, November 25, 2024

Former state university employee Meyerhoff paid in $63K to pension fund, could collect $1.13M in retirement

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Former state university employee Michael Meyerhoff, who retired in January 2017, saved $63,163 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Meyerhoff would collect as much as $1.13 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Meyerhoff received $23,670 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Meyerhoff will have already received $73,161 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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