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DeKalb Times

Sunday, November 24, 2024

Former state university employee Mall paid in $50K to pension fund, could collect $848K in retirement

Money 08

Former state university employee Jane Mall, who retired in February 2018, saved $49,522 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Mall would collect as much as $847,828, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Mall received $17,820 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Mall will have already received $55,081 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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