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DeKalb Times

Saturday, November 23, 2024

Former state university employee Zilm paid in $22K to pension fund, could collect $361K in retirement

Money041

Former state university employee Kevin Zilm, who retired in June 2016, saved $21,945 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Zilm would collect as much as $361,302, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Zilm received $7,594 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Zilm will have already received $23,473 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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