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DeKalb Times

Sunday, November 24, 2024

Former state university employee Sutton paid in $16K to pension fund, could collect $550K in retirement

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Former state university employee Norma Sutton, who retired in December 2017, saved $15,621 toward a pension over 5 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Sutton would collect as much as $550,209, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Sutton received $11,565 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Sutton will have already received $23,477 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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