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DeKalb Times

Monday, December 23, 2024

Former state university employee Witt paid in $37K to pension fund, could collect $600K in retirement

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Former state university employee Jeanette Witt, who retired in October 2017, saved $36,889 toward a pension over 18 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Witt would collect as much as $600,255, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Witt received $12,616 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Witt will have already received $38,994 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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