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DeKalb Times

Monday, December 23, 2024

Former state university employee Zhu paid in $39K to pension fund, could collect $557K in retirement

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Former state university employee Jianwen Zhu, who retired in November 2017, saved $39,100 toward a pension over 9 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zhu would collect as much as $556,866, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Zhu received $11,704 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Zhu will have already received $48,966 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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