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DeKalb Times

Friday, November 15, 2024

Former state university employee Lorusso paid in $33K to pension fund, could collect $367K in retirement

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Former state university employee Valerie Lorusso, who retired in September 2018, saved $32,779 toward a pension over 13 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Lorusso would collect as much as $366,880, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Lorusso received $7,711 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 5 years of retirement, Lorusso will have already received $40,936 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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