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DeKalb Times

Saturday, November 23, 2024

Former state university employee Hegberg paid in $20K to pension fund, could collect $290K in retirement

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Former state university employee Walter Hegberg, who retired in June 2016, saved $19,857 toward a pension over 11 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Hegberg would collect as much as $290,316, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Hegberg received $6,102 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Hegberg will have already received $25,529 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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