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DeKalb Times

Sunday, November 17, 2024

Former state university employee Wayman paid in $34K to pension fund, could collect $540K in retirement

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Former state university employee James Wayman, who retired in June 2018, saved $34,088 toward a pension over 12 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wayman would collect as much as $540,247, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Wayman received $11,355 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Wayman will have already received $35,098 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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