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DeKalb Times

Friday, November 22, 2024

Former state university employee Jones paid in $48K to pension fund, could collect $793K in retirement

Money 04

Former state university employee Charles Jones, who retired in May 2018, saved $47,981 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Jones would collect as much as $792,655, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Jones received $16,661 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Jones will have already received $51,498 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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